North East based firm Adderstone Group, has backed TPS buyout as the management team take control from Brazilian metals and mining giant Vale S.A.
The deal will see the management team of TPS own an 89.4% controlling stake of the business. The management team includes CEO Carlos Neves, CFO Charles Rendell and Engineering & Business Development Director Nigel Jakeman. The company are currently seeking shareholder approval to take the shares off the AIM market to focus on driving the business forward.
TPS are pioneering specialists that design and deliver power conversion systems for the Transportation, Energy, Industrial and Defence markets. Their high profile global projects include Saudi Arabia Monorail, Chicago Transport Systems, Boeing 787 Dreamliner, UK Power Networks and more.
Ian Baggett a British entrepreneur and property developer is the founder and CEO of Adderstone Group. Ian states to have been blown away by the cutting edge technology being developed by TPS and further added “we are confident we can add value in a number of respects and that there are many synergies to exploit between our businesses.”
CEO Carlos Neves of TPS added: “This management buyout is the culmination of years of hard work from the entire TPS team and a long process of strategic review.
“The team have brought TPS to a sustainable position and now the focus will be growing the business. Adderstone Group has a strong track record and will help TPS grow organically and through key strategic investments”.
TPS are looking forward to working with their new supportive partners, and will continue to focus on offering its clients world class products, accelerate through its exciting R & D pipeline and ultimately add significant value to the business.
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