ACCOUNTANCY Tait Walker has completed a series of international deals having advised on three cross-country transactions, all involving overseas buyers.
The Newcastle firm’s corporate finance team recently assisted three North East companies in achieving overseas recognition – Techdrill Limited of Morpeth, Raytec in Ashington, and National Tube Stockholders, based in Thirsk.
In the last two years it has completed cross-border deals with a value of more than £100m and with buyers or investors throughout Europe, alongside countries such as Taiwan, Japan, the USA and Canada.
Steve Plaskitt, partner at Tait Walker Corporate Finance, said: “We have seen many deals take place recently which involved an overseas buyer, and in each situation they have sought to invest new money in the UK and to help grow the business, creating jobs and a boost for the North East economy.
“It is inward investment such as this which has enabled us to increasingly work across a vast variety of industry sectors including manufacturing, engineering, power and renewable, in countries across the globe.
“Many overseas buyers view the UK as a highly economical source of world-class design capability and often have a greater worldwide distribution experience, allowing them to sell UK designed products on a large scale.”
An example of such a deal is Techdrill, who manufacture high pressure pipeline and API drilling equipment. The company was recently bought by American multinational Oilwell Varco, a worldwide leader in the design and manufacture of equipment used in oil and gas drilling and production.
Tait Walker has also managed a high-profile international investment with Raytec, a world leader in LED lighting for security and safety, which was “invested in” by leading sensor manufacturer Optex. Both companies previously offered complementary products in the field of lighting and security and, taking advantage of common synergies, now aim to bring new technologies to the market.
The firm’s corporate finance team also managed the National Tube Stockholders acquisition of John Bell Pipeline Equipment Company Limited, one of the UK’s largest independent stockists of pipe, fittings and flanges. Plaskitt said: “It has been an exciting year for Great Britain in regards to inward investment and the increase in international deals demonstrates the rising level of global confidence in British companies.
“As a nation our reputation across industries such as engineering and manufacturing has been boosted but we must continue to aim for key drivers of growth such as exports and foreign investment, to support the economy and maximise on the legacy ‘Team GB’ has brought us.”