x
RECEIVE BUSINESS TIMES FREE TO YOUR DOOR EACH MONTH, COURTESY OF ROYAL MAIL.
* indicates required

Components giant TTI completes purchase of manfacturing company Raffenday

ELECTRONICS components giant TTI Inc has completed the acquisition of Wellingborough-based automotive harness wiring manufacturer and distributor Raffenday Ltd. 

The firm’s UK development centre on the Park Farm industrial estate specialises in product design and project management as well as making prototypes and low-volume assemblies. Its factory in Slovakia specialises in manufacturing medium- to high-volume harnesses and cable assemblies.

Both are now part of Texas-based TTI Inc., which is a world leader in components for industrial, military, aerospace and consumer electronics manufacturers.

Raffenday’s sales director and general manager Simon Blincow and seven other shareholders were advised by regional law firm Howes Percival during negotiations. The deal included a significant cross-border element involving a pre-sale reorganisation, liaising with and instructing Slovakian lawyers to coordinate both the pre-sale reorganisation, diligence and disclosure and negotiating an appropriate warranty suite on the Slovakian share transfer agreements.

Other challenges involved ratifying historical share transfers in the company and issues relating to the company’s statutory registers and carrying out a share buyback for a minority shareholder.

Tom Redman (main picture), Howes Percival’s head of automotive, said: “We are delighted to have worked with the Raffenday team to bring this complex transaction home. It is a fantastic deal for all parties involved and one that once again showcases the breadth and depth of the firm’s automotive expertise across the entire sector.

“A large part of the complexity was due to the cross-border element, which meant the UK sellers needed to appoint Slovakian lawyers as their attorneys. Procedural regulations in Slovakia meant that a strict timetable had to be adhered to in order to carry out an effective transfer.”

More from Wellingborough:

More news articles: