Member Article

Adderstone Group backs TPS buyout

North East based property and investment business Adderstone Group has backed a buyout that will see the management team take control of Turbo Power Systems Plc (TPS) from Brazilian mining giant Vale.

TPS specialises in the design and manufacture of leading power conversion systems to the likes of Eaton, Bombardier and UK Power Networks.

Its technology, designed and built in the Team Valley, is used in many global projects such as the Boeing 787 Dreamliner, Chicago Transport Systems and Saudi Arabian Monorail.

The deal will see the buyout company own an 89.4% controlling stake in TPS, which is AIM Listed on the London Stock Exchange.

Ian Baggett, CEO and Founder of Adderstone Group said: “We have been blown away by the exceptional technology being developed by TPS on the Team Valley.

“We are confident we can add value in a number of respects and that there are many synergies to exploit between our businesses. The entire team at Adderstone Group is looking forward to supporting its new partners at every opportunity.”

Carlos Neves, TPS CEO and Executive Director, added: “This management buyout is the culmination of many years of hard work from the entire TPS team and a long process of strategic review.

“The team brought TPS to a sustainable position and now the focus must be on growing the business.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →