Sussex-based manufacturer,Trifast, manufacturer of mechanical fasteners, is set to acquire German industrial distributor Kuhlmann.
Kuhlmann was purchased by Trifast for €8.5m (£6.16m) with an initial €6.76m (£4.9) being paid on the completion of the deal and €400,000 (£300,000) satisfied by allocating 29,350 ordinary shares in the company.
€1.70m (£1.23m) will be deferred for a year to serve as a retention against which any potential warranty and indemnity claims will be offset.
Trifast has said that it will invest in Kuhlmann, which currently employs 18 members of staff in order to develop opportunities in the German market. The previous owners and management team will continue to run the business along with the operational management team and staff who will also remain with the company.
Speaking about the acquisition Mark Belton, chief executive of Trifast, commented: “This is a very positive step for both TR and Kuhlmann and we welcome everyone into the Trifast family.
“Having already built a close trading relationship between our two businesses and respective management teams, we are now establishing a strong local presence and a base for what we see as an exciting opportunity for both TR and Kuhlmann.
“We are confident that combining local knowledge and culture with increased technical expertise, in what is the largest industrial market in Europe, will enable us to leverage the Group’s existing business and open up additional opportunities for further growth, both locally and internationally.”
