Green light for traffic signal acquisition
Motus Traffic, a Sheffield-based manufacturer of traffic signal control technologies, has acquired Traffic Signals Co-operative (TSC), in a move supported by Yorkshire Bank.
The acquisition is intended to boost Motus' business within the traffic systems supply, installation and maintenance marketplace. Shorts Chartered Accountants acted as lead advisers on the deal.
TSC is a worker co-operative, also based in Sheffield, which has been trading since 1982 in traffic signal engineering and servicing maintenance contracts across the North of England and Wales.
The combined business will have an annual turnover of about £8m and employ approximately 90 staff.
With more than 30 years' experience in the industry, Motus managing director Jim Booth will head the new company, assisted by his general manager, Iain McDonald, who has been developing the Motus portfolio and brand for more than five years.
"The acquisition brings together two of the strongest players currently in the Traffic Signal Technology market and will provide huge levels of expertise that will benefit both long standing and new customers alike," said Booth.
Andy Ryder, corporate finance partner at Shorts Chartered Accountants led on the deal with support from Andrew Grant, Tony Downs and Kate Smith.
Motus' existing bankers Yorkshire Bank provided significantly increased facilities to support the acquisition and will also provide future working capital.
Steve Wicks who led the transaction for the bank, said: "It has been fantastic to see the growth Motus has experienced over the last few years which has prepared the company for this acquisition."
Kiley Tan of Wosskow Brown Solicitors acted for Motus whilst Duncan Shepherd of Wake Smith acted for Yorkshire Bank.