Stadium Group acquire electronic technologies firm for £4.2m
Hartlepool-based manufacturing firm, Stadium Group have acquired the issued share capital of IGT Industries for £4.2m.
Stadium is an electronic technologies firm that have expertise in security, medical and care, as well as transport, infrastructure, communications and green technologies.
The deal is the first acquisition the leading manufacturer has made as part of expansion plans into electronic technologies that complement the existing business.
IGT are designers and manufacturers of touchscreen and control panel devices. The acquisition of the outfit will be completed on a cash consideration of £3.45m, and an additional £0.75m will be paid on the condition that IGT exceeds targets for the year by the end of October this year.
Revenues of £5m, and operating profits of £0.58m were reported by IGT for the year up to 31st October 2011, while pre-tax profits for Stadium rose 38% to £3.96m in 2011.
Stephen Phipson CBE, Chief Executive, said: “This acquisition is the first step in delivering our strategy of expanding into adjacent electronic technologies which complement our existing Power and EMS business and where we can add significant design and Intellectual property to customer requirements.
“This expansion into the growing area of intelligent displays will help transform Stadium into a higher growth, IP led, technology group focussed on higher margin subsystems.”