Vehicle lighting firm buys tech business

A LEEDS company, Ring Automotive, has acquired a former division of Elektron Technology, a listed £42m-turnover technology business.

Carnation Designs manufactures electrical management solutions for commercial and emergency vehicles, and annually turns over £1m.

In the seven months to August, Carnation saw a fall in revenues to approximately £750,000 (from £980,000 in the same period last year). Elektron said its contribution was “not material to the group.”

The business has been bought for £230,000 and Elektron has retained the company’s trade debtors and creditors which it says should realise a further £100,000 once settled.

Elektron said the sale is part of the group’s rationalisation of its portfolio. It is looking to focus its investment on the core businesses.

Squire Patton Boggs in Leeds advised Ring Automotive led by corporate associate Craig Pettit with assistance from intellectual property and Technology senior associate Paul Jinks and corporate partner Paul Mann.

Dow Schofield Watts Transaction Services provided financial due diligence services. Their team included Jeff Gardner and Rob McCarthy.