LONDON (dpa-AFX) - Rotork plc (ROR.L), an actuator manufacturer and global flow control company, announced the acquisition of Bifold Group Limited for up to £125 million on a cash-free and debt-free basis. The total consideration comprises of £115 million on completion and £10 million deferred for up to 2 years based on achieving specific financial targets.
Bifold, a manufacturer of pneumatic and hydraulic instrument valves and component, is headquartered in Manchester, UK, and employs approximately 300 people across its operations in Manchester and Taunton.
Bifold will be a part of Rotork's Instruments division and its current management team will remain with the business. Rotork estimates that the addition of Bifold will significantly increase its addressable market by approximately £750 million to £4.3 billion.
For the 12 months to 31 August 2015, Bifold expects to generate EBITDA of £7.6 million on revenue of £37.7 million, reflecting the current market weakness.
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