Transaction Details

September 1, 2015
Manchester

Sector

Industrials and Industrial Technology, Energy

Deal Type

M&A

Deal Value

£125m

Deal Team

Simon Lord, Adam Sivner, Mark Smith

GCA Altium advises Bifold Group Limited on its sale to Rotork plc

GCA Altium has advised the shareholders of Bifold Group Limited on its sale to Rotork plc, the market-leading actuator manufacturer and global flow control company, for up to £125m on a cash-free and debt-free basis. This is GCA Altium’s third transaction with Bifold, having previously advised on the minority investments by Bank of Scotland Integrated Finance in 2007 and Lloyds Development Capital in 2012.

Bifold is a leading manufacturer of pneumatic and hydraulic instrument valves and components focused on the oil and gas industry and wider industrial markets, with expertise in a number of niche sectors such as subsea and wellhead control systems. It also has market-leading technology in areas that include the development of solenoid valves with ultra-low power requirements. Bifold is headquartered in Manchester, UK, and employs approximately 300 people across its operations in Manchester and Taunton, UK. The company was acquired from a consortium including LDC, current management and other shareholders. Bifold will sit within Rotork's Instruments division and its current management team will remain with the business.

The total consideration is for up to £125m in cash (representing c.16x FY15 out-turn EBITDA), comprising £115m on completion and £10m deferred for up to 2 years based on achieving specific financial targets.

GCA Altium provided full scope M&A advisory service, closing the deal within seven weeks of signing exclusivity against a backdrop of challenging market conditions in the oil and gas sector.

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