Thames Valley: Grant Thornton advises on sale of GT Group to Knorr-Bremse
A team from the Thames Valley office of Grant Thornton Corporate Finance has advised on a major international deal between environmental engineering company GT Group and leading brake-system manufacturer Knorr-Bremse, creating a global centre of excellence for commercial-vehicle emission systems in Peterlee.
GT Group produces exhaust-gas control systems for on and off-highway vehicles, construction equipment and industrial and marine applications for global Original Equipment Manufacturers (OEMs).
Geoff Turnbull, founder and chairman of 35 years at GT Group, appointed Grant Thornton Corporate Finance to source a strategic buyer for the business, to facilitate its international growth ambitions and support its senior management team. He is now retiring from the business to pursue other interests, most notably his racehorse breeding enterprise at Elwick Stud.
The Grant Thornton team, led by corporate finance partner Duncan Lamb, identified a number of strategic buyers for GT Group, but a pre-emptive approach from Knorr-Bremse resulted in an off-market process. The team then successfully negotiated a deal structure and price that met Turnbull's requirements.
Lamb commented: "This was a fantastic deal to be involved in right from the very outset. GT Group really is a leading-edge business with world-class products.”
Turnbull said: "Through the total sales process, the Grant Thornton team led by Duncan Lamb worked towards reaching a successful conclusion meeting all my aspirations in a very professional and friendly manner."
