The buyer The deal The target Price £m
Reitter & Scheffenacker acquired Rear Vision Systems from (Germany) Britax (UK) 207Harsco (US) acquired SGB Group (UK) 88Schroder Ventures (UK) acquired Kiekert (Germany) 119Ralcorp Holdings (US) acquired Red Wings from Tomkins (UK) 89Adva Optical Networking acquired First Fibre (UK) 55 (Germany)Metromedia (US) acquired 50% share in Comstar, jointly owned by Marconi (UK) 40BBA (UK) acquired Lynton Group (US) 37Vacumet (US) acquired Rexam Metallising from Rexam (UK) 28Psion (UK) acquired 3.2% of Widcomm (US) 24Catalina Lighting (UK) acquired Ring (UK) 22Berisford (UK) acquired Merrychef Holdings (UK) 17Kee Industrial (UK) management buyout 14Tardis Transcommunications (UK) acquired RAM Mobile Data (UK) 13Coreco (Canada) acquired Imaging Technology from Fairey Group (UK) 10
Source: Corpfin/RSM Robson Rhodes}}
Deal activity in UK engineering fell back in June after increasing for several months. Half the top 14 deals involved foreign companies buying into the UK, with a few notable disposals of non-core subsidiaries. The largest acquisition was German automotive supplier Reitter & Scheffenacker’s £207m takeover of Britax’s Rear Vision Systems division, which manufactures car mirrors. Tomkins continued with its strategy of focusing on industrial areas by selling jam and peanut butter subsidiary Red Wings to US private label food maker Ralcorp. And construction group John Mowlem sold SGB Group, the scaffolding and access product manufacturer, to US industrial services group Harsco. However the trade was not all one way – BBA, which this week sold its brake pads business, spent £37m on US aviation repair and overhaul company Lynton Group, now called Lynton Aviation. And handheld computer developer Psion paid £24m for a share in Widcomm, a Californian company involved in Bluetooth wireless networking technology. There were 50 deals in June worth a total of £1.11bn. Acquisitions accounted for 26 deals, eight were rights issues and four were buyouts.
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