Lawyers in Bond Dickinson’s Newcastle office have advised property and investment specialist Adderstone Group on its support of the management buyout of Gateshead-based manufacturer, Turbo Power Systems (TPS).
TPS specialises in the design and manufacture of world class power conversion systems to the likes of Eaton, Bombardier and UK Power Networks. Its cutting edge technology, designed and built in the Team Valley, is used in many high profile global projects such as the Boeing 787 Dreamliner, Chicago Transport Systems and Saudi Arabian Monorail.
The deal will see the buyout company own an 89.4% controlling stake in TPS, which is AIM Listed on the London Stock Exchange.
The new owners are confident that TPS 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.
Robert Phillips, Corporate Partner at Bond Dickinson said: “We are delighted to have advised Adderstone Group on this deal. Although Adderstone is primarily known as one of the largest property development businesses in the region, it has a long and successful track record at founding and growing a range of investments”.
Ian Baggett, CEO and Founder of Adderstone Group said: “The team at Bond Dickinson provided us with commercially-minded, high-quality legal advice and it was great to work with them on this project.
“We were blown away by the exceptional technology being developed by TPS on the Team Valley and I am looking forward to supporting our new partners at every opportunity.”