NewswireToday - /newswire/ -
Glasgow, Scotland, 2008/04/16 - Glasgow-based business turnaround specialist Symphony Corporate has confirmed it has purchased Dundee's Texol Technical Solutions in a deal worth in excess of GBP3million, in a move that will immediately safeguard 60 jobs.
Symphony Corporate acquired Texol via its SEIS (Symphony Equity Investment Syndicate) fund, after the Dundee-based electronics and engineering technology manufacturer was forced into administration in February 2008.
In its almost 30-year history, Texol became a global brand name primarily through its manufacture of bug-catching devices such as the ‘Midgeater’ and Mosquitoeater’, which use a scented CO2 bait to help attract and trap insects.
In 2007, the company had sales of over GBP11million. Texol Technical Solutions’ other business interests are in electronics, gas generators and metal fabrication.
Commenting on the acquisition, Symphony MD Ian Mackay commented:
“Through the funds readily available in our SEIS investment portfolio, we were able to act quickly and decisively to secure Texol and its assets, plus save around 60 jobs. With Symphony Corporate providing a stable platform for Texol, we can supply the financial and management expertise to safeguard the future development of the company.”
Acquiring Texol is the latest chapter in the Symphony Corporate success story. Since establishment in 2002, Symphony Corporate has been involved in sixteen business acquisition and business turnaround deals. The Texol deal follows Symphony’s successful acquisition of fuel management systems specialist, Triscan, in October 2007, and door manufacturer, McTavish Ramsay, in January 2008.
Notes for editors:
Symphony Corporate specialises in building, creating and realising financial value through our involvement with growth-potential and underperforming private companies.
142 St. Vincent Street
Glasgow G2 5LA