Tool manufacturer sold in cross-border deal
A Wellingborough-based automotive harness wiring manufacturer and distributor has been sold to US corporate TTI Inc.
Raffenday has been supplying the automotive, marine and industrial markets for over 20 years, with facilities in Wellingborough and Slovakia.
Its UK development centre specialises in product design and project management as well as the manufacture of prototypes and low-volume assemblies, while the facility in Slovakia specialises in the manufacture of medium to high-volume harnesses and cable assemblies.
TTI Inc is headquartered in Fort Worth, Texas and is a distribution and specialisation of electronic components, catering to industrial, military, aerospace, and consumer electronic manufacturers worldwide.
Howes Percival provided legal counsel to Simon Blincow, general manager and sales director at Raffenday, along with seven other shareholders.
Howes Percival’s head of automotive, Tom Redman, said: “We are delighted to have worked with the Raffenday team to bring this complex transaction home. It is a fantastic deal for all parties involved and one that once again showcases the breadth and depth of the firm’s automotive expertise across the entire sector. A large part of the complexity was due to the cross-border element, which meant the UK sellers needed to appoint Slovakian lawyers as their attorneys. Procedural regulations in Slovakia meant that a strict timetable had to be adhered to to carry out an effective transfer.”
