Newspaper article The Journal (Newcastle, England)


Newspaper article The Journal (Newcastle, England)


Article excerpt

ELECTRIC vehicle component manufacturer Sevcon acquired an Italian battery charging business in a deal worth more than PS10m that aimed to trigger growth for the complementary companies.

Sevcon president and CEO Matt Boyle said the purchase of Bologna company Bassi would allow Sevcon to expand its share of the highgrowth vehicle electrification market by around 35%, while also allowing it to pursue opportunities to cross-sell Sevcon products to Bassi customers.

It also allows Sevcon to integrate battery charger and power management technology with Sevcon's new GEN5 family of motor controllers, to offer a unified suite of electronics for on-road vehicles.

The purchase price consisted of PS7.5m in cash and 500,000 shares. The acquisition was funded with cash provided under a five-year loan facility by the New York City branch of the Italian bank Monte dei Paschi di Siena.

A RECYCLING business in the North East was poised to expand its operations after receiving a PS6.7m growth capital investment from the Business Growth Fund.

Darlington-based Total Recycling Services (TRS) provides complete recycling and waste management services for industrial and commercial customers, including hazardous waste recovery, commercial recycling and industrial services.

The firm has built a strong asset base including its own permitted hazardous waste recovery facility and a fleet of 26 specialist wagons, tankers and jetting units.

The investment from the Business Growth Fund (BGF) was to be used to accelerate organic growth and to explore opportunities to further expand its operating facilities and equipment.

THE owners of the Head of Steam pubs unveiled ambitious growth plans after securing a PS30m funding package from HSBC.

Camerons Brewery, which is headquartered in Hartlepool, planned to grow its retail pub estate by acquiring 40 new pubs as part of a bold five-year strategy, having finalised the new banking deal at the end of December. …

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