KTS Wire buys rival in £3.1m deal

A YORKSHIRE steel wire manufacturer has further boosted its business by acquiring one of its competitors.

Morley-based KTS Wire received a cash injection of £3.1m to acquire Cheshire baling and steel wire producer John Pring & Son from administrators.

The deal was funded by specialist Leeds-based turnaround and private equity house Frontline Investment Opportunities while the Leeds office of asset-based lender Davenham provided working capital funding.

Melanie Hird, a founding partner of Frontline, said: “As specialists in providing funding and expertise to companies in distress and special situations, we recognised that KTS was a solid business with a sound management team. With the acquisition of Pring, together with additional funding for the KTS business, we are delighted to be working with its management to assist in delivering an exciting business plan over the coming years.”

Steve Longbottom, managing director of KTS, said: “KTS is a wire business which supplies a demanding and specialist market.

“The business has an immense amount of skill and expertise, built over a number of years. With the addition of the Pring business this adds further exciting opportunities for the joint business which we are expecting to develop.”