Taiwanese electronics giant swoops for Bradford manufacturer
A Taiwanese electronics giant has acquired a Bradford-based electronic display equipment manufacturer in a deal which sees Finance Yorkshire exit the company.
Calibre UK, which was established in 1988, has been snapped up by display solutions provider Coretronic Corporation for an undisclosed sum.
Calibre manufactures electronic display equipment including flat panel displays, image processing products and specialist scalers. The company also provides image scaling and processing technologies for use in digital cinemas, large venue projection, surgical medical applications and television studios.
Finance Yorkshire, which invested in Calibre in January 2016, will exit the company.
Coretronic Corporation, which is listed on the Taipei Exchange (TPEx), employs more than 17,000 people worldwide and had annual sales of $1.8bn in 2016.
SY Chen, president of Coretronic, said: “It reflects Coretronic’s strategy to strengthen its leading position in display and image processing technology with a rich set of capabilities afforded by the Calibre team. This will help Coretronic Group with its plans to further advance in the pro-av markets as well as assisting with entry into the rapidly expanding direct-view LED display markets.”
Former Calibre chief executive officer, Tim Brooksbank, will lead as managing director of Calibre UK, now a wholly owned subsidiary of Coretronic.
The corporate team at the Leeds office of Mills & Reeve and accountancy firm Garbutt + Elliott advised on the acquisition
Shubhu Patil, principal associate in the corporate team at Mills & Reeve which advised Coretronic Corporation, said: “We are delighted to advise on this acquisition. Calibre has firmly established itself as a UK leader in the electronic display equipment market and its products and innovative technology will be an excellent fit within Coretronic Corporation.
“The deal represents one of a number of new client wins in the technology sector for the Leeds office of Mills & Reeve, reflecting the firm’s national reputation as the go-to firm for technology businesses.”
A team from Yorkshire accountancy firm Garbutt + Elliott, led by partner Tariq Javaid, provided lead advisory and due diligence for the acquisition of Calibre.
Javaid said: “We are very pleased to have assisted Coretronic as part of this acquisition, using our experience in completing similar deals within the technology sector. The purchase of Calibre will not only complement Coretronic’s existing product range, but strengthen its position in image processing products on a global level, providing a platform for further growth.”
Law firm Gordons provided legal advice to the shareholders of Calibre. Walker Morris advised Finance Yorkshire.
