Clearwater Corporate Finance has advised the shareholders of Portsmouth-based Alter Technology Group (ATG), on the disposal of its three trading subsidiaries to TUV Nord International GmBH. The sale is Clearwater’s ninth cross-border transaction in 12 months.
The ATG subsidiaries, which have a combined turnover of circa €60m, are the European leaders in the procurement and independent testing of high reliability electronic components for space, aerospace, defence and other industrial applications.
The subsidiaries are located in Spain, France and Italy. Root Capital and Grupo Tecnologica, a private Spanish investment vehicle, created the ATG group in a 2006 merger of its respective testing and inspection businesses.
Clearwater has been a long-term adviser to the business since being appointed in 2007, during which time the shareholders restructured the group, achieving FY11 EBITDA of €5.1m.
TUV has over 10,000 employees in over 70 countries across the globe. TUV’s broad consulting, service and inspection portfolio encompasses both specific individual tests and inspections and also management of complex safety solutions.
Clearwater’s Sebastian Saywood project managed the transaction and was assisted by Ravi Monteiro and Constantine Biller.
Clearwater said: “Increased demand for global telecommunications, GPS and satellite navigation has boosted commercial use of satellite technology. The acquisition of Alter Tech’s trading subsidiaries, which are some of the biggest players in the space technology market, will provide TUV’s global network with access to this visible and high reliability sector.”