A SWEDISH supplier of advanced spring wire products has acquired Yorkshire-based KTS Wire for an undisclosed sum, in a deal that will strengthen its global position.
Suzuki Garphyttan AB has bought the technical wire manufacturer, which exports to more than 40 countries, and employs 47 people in Morley, West Yorkshire. KTS posted a turnover of £8m last year.
The company’s three-strong management team, led by managing director Steve Longbottom, will remain following the sale to the Swedish company, which is part of the Suzuki Garphyttan Group.
The deal comes four years after Yorkshire turnaround specialists Melanie Hird and Patrick Bywater arranged investment and funds for KTS Wire. KTS Wire manufactures plain carbon, alloy, rolled and shaped wires using raw and recycled materials. It exports to countries including France, Greece, Poland, Nigeria, Turkey, Lebanon and the US.
Patrick Bywater, a director of Seneca Investments, said: “KTS Wire is a niche, very highly skilled manufacturer with 70 per cent of its business coming from exports.”
Law firm hlw Keeble provided advice for the original investment in KTS Wire and the sale. Lawyers from Addleshaw Goddard advised Suzuki Garphyttan on the sale and the management team from KTS Wire were advised by a team from Gordons.