Iotech bought by Swiss giant
LANCASHIRE’S Iotech Group, the £40m turnover chemicals manufacturer, has been bought by Swiss giant Sika.
The deal value was not disclosed, but a figure of £30m was suggested. The vendors, the Preston-based Gorick family, were advised by KPMG corporate finance.
Jeremy Gorick, managing director of the Iotech Group – which trades as Liquid Plastics and Industrial Copolymers, said: “Like the Iotech Group, Sika is committed to quality, service, safety, and environmental care and we are confident that the acquisition will open new doors for us and allow expansion that would otherwise not have been possible.”
Sika executive Alexander Bleibler said: “The Iotech Group owns two very innovative companies in the UK that have led their respective markets for some time now. By taking their technology and marketing skills, and adding Sika’s knowledge and experience of the global arena we can achieve great things.”
Liquid Plastics and Industrial Copolymers will continue to trade and 250 staff – 200 at Iotech’s Preston base – will transfer over to the Swiss business.
KPMG corporate partner Christian Mayo hailed a “fantastic result” for vendor and purchaser alike, adding: “It proves that even in these difficult times, great deals can still be done for great businesses.”
