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 world class power conversion systems to the likes of Eaton, Bombardier and UK Power Networks. Its cutting edge technology, designed and built in the Team Valley, is used in many high profile 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.
The new owners are confident that TPS will continue to focus on offering its clients world class products, accelerate through its exciting R & D pipeline and ultimately add significant value to the business.
Whilst Adderstone Group is known primarily as one of the largest property development businesses in the region, it has a long and successful track record at founding and growing a range of investments.
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.”
TPS CEO and Executive Director, Carlos Neves said: “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 will be on growing the business.
Adderstone Group has a strong track record and will help us grow TPS organically and through key strategic investments. I believe we have the perfect partner to help us deliver our strategic plan.”