August 01, 2012

TT electronics sells Dale Power Solutions

TT electronics plc, has soled Dale Power Solutions Limited, part of the Secure Power division, to LDC a mid-market private equity house.

Dale, based in the UK, provides secure power solutions and has a strong presence in the Middle East and certain other markets overseas.

The total consideration for the sale is £10.0m in cash. This includes settlement of intercompany debt of £4.7m and is subject to an adjustment based on the balance sheet at completion. The proceeds from the disposal will be used for general corporate purposes.

For the year ended 31 December 2011, Dale made £1.8m of adjusted profit before tax on revenue of £30.8m and the value of gross assets at 31 December 2011 was £23.7m.

Commenting on the disposal, Group Chief Executive, Geraint Anderson said:

"The sale of Dale, following the successful conclusion of the disposal process for our General Industrial division last year, is a further step in our strategy to realise value from businesses that are non-core. It increases the focus on our electronics divisions supplying leading manufacturers in the defence, aerospace, medical, transportation and industrial markets."
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