German group swallows Sovex
WIRRAL conveyor belt systems manufacturer Sovex has been sold to a German group.
The £23m turnover Prenton-based company, has been bought for an undisclosed sum by international company Transnorn System. Financial terms of the deal were not disclosed.
Sovex manufactures, services and maintains vehicle loaders and conveyor systems serving the fast growing post and parcel delivery sector. It employs approximately 200 people across sites in the UK, Netherlands, US and Malaysia.
Backed by Merseyside Special Investment Fund, Sovex was founded by chief executive David Lindfield in 2002.
It has recently delivered a multi-million pound system for UK Mail at its new base in Coventry.
Transnorm Group, which was established in 1957, is a global market leader for high performance conveying modules and components that are used in in airports and and parcel and distribution industries.
It is backed by European private equity firm IK Investment Partners.
Sovex was advised by EY, led Mark Clephan and Gareth McIntegart, corporate partner at law firm DLA Piper in Liverpool.
Clephan said: “This transaction represents the next step in Sovex’s development, with the business able to accelerate its global sales and product development. I have no doubt it will represent a fantastic acquisition for Transnorm.”
EY’s North West Corporate Finance team has advised Wirral-based Sovex on its acquisition by German-headquartered Transnorm Group for an undisclosed consideration.
Sovex,was listed in the 2014 Sunday Times Virgin Fast Track 100 and was a Northern finalist in EY’s Entrepreneur Of The Year Awards in 2013.
