Lock Inspection Systems bought by US giant
OLDHAM-based metal detection firm Lock Inspection Systems has been bought by US manufacturing giant Illinois Tool Works.
Lock Inspection Systems was founded in 1949 and employs 130 at operations in the UK, US, France and Holland.
The firm, which had sales of £13.5m last year, supplies metal detection equipment to food, pharmaceutical and textile manufacturing companies.
The represents an exit for Royal Bank of Scotland’s Strategic Investments Group, which backed a management buyout of Lock from private equity firm, Permira in 2007. The value of the latest deal was not disclosed.
Illinois Tool Works specialises in advanced industrial technology for a range of sectors. It is listed on the New York Stock Exchange and employs 60,000 people in 52 countries. It has a turnover of around $17bn.
Chris Benbow, investment director at Strategic Investments Group, said: “We are proud to have backed a great management team and wish the company every success for the future as part of ITW.”
Lock’s shareholders were advised by lawyers at Manchester-based Pannone led by head of corporate finance, Philip Treanor, senior associate Philippa Howard and solicitor Katie Simpson. Corporate finance house Rickitt Mitchell also advised the firm.
