Temperature Electronics Ltd and TEL UK Ltd (TEL) has sold a majority stake in its business to the Sdiptech Group, a listed Swedish business, advised by Leonard Curtis Legal.
A team from the Manchester-based law firm, led by Head of Corporate and Commercial Jennifer Moore, has advised the shareholders of Glossop-based TEL on the disposal of 91% of their interest to the Sdiptech group.
Specialising in the design and manufacture of energy efficient electronic airflow monitors and controls for laboratories, TEL has an annual turnover of £5.2 million.
Their energy efficient solutions delivered in high quality, reliable products have positioned the business for significant growth in an ever-growing environmentally-conscious market with customers increasingly looking for ways to reduce their carbon footprint.
Sdiptech is a listed Swedish technology group with a primary focus on infrastructure segments critical to well-functioning societies and welfare and TEL is Sdiptech’s tenth UK business unit.
The deal reflects a common commitment to building sustainable societies.
Anders Mattson, Head of Special Infrastructure Solutions at Sdiptech, commented:
“We are delighted to welcome TEL to the Sdiptech group. TEL’s airflow and room controllers (VAV) can only decrease customers’ carbon footprint by offering energy efficiency solutions. The products also provide a safe working environment and clean air for laboratory workers that are exposed to potentially hazardous fumes and substances. The product quality, reliability and technical excellence is supported by technical back-up and support.
“We look forward to continuing to develop the business further together with the talented team at TEL,” he added.
Richard Eady, Founder and CEO at TEL responded by saying: “We are very happy to become part of Sdiptech, whose vision to be a driving force towards sustainable societies goes in line with ours. Sdiptech’s knowledge within both air and climate control is highly valued, and is another reason why we believe this is a great fit for us in our further development.
“We are looking forward to working with the Sdiptech team and are confident that together we can continue our progress towards being world leaders in airflow controls and monitors.”
Leonard Curtis Director Jennifer commented: “We are delighted to have advised the shareholders on the sale. The shared focus on sustainable societies makes TEL a great fit for the Sdiptech group and their additional resources will enable TEL to capitalise on the significant growth opportunities available in the sector. We wish the Tel team and Sdiptech every success for the future. “
Richard Eady added: “Jennifer and the team at LC Legal provided a really good blend of technical expertise, commerciality and pragmatism in their advice. They were easy to work with, very responsive and were instrumental in ensuring that the transaction ran smoothly and successfully.”
Richard Paton and Nick Wellings of Axis Accounting provided the shareholders with tax and accounting advice in relation to the sale.
Jennifer was assisted by Taibah Rehman, Jenny Fell and real estate specialist Alicia Renshaw.