KBS Corporate has successfully advised on the sale of a 75% majority stake in Wideblue Limited to Pivot International, Inc.
Formerly a division of Polaroid, Glasgow-based Wideblue operates as a multi-disciplinary product design and development consultant. With particular knowledge of Photonics, Imaging and Optical Systems, the company has built a robust reputation on the back of almost 20 years’ experience within its industry.
During this period, Wideblue became accredited to ISO 9001 and ISO 13485, in addition to undertaking several Technology Strategy Board projects and winning two platinum European Product Design Awards for the Peek Retina mobile phone opthalmoscope.
The shareholders of the business, Grant King and Russell Overend, offered Wideblue for sale due to their retirement plans. Upon instructing KBS Corporate to provide advisory services, companies operating within the industrial design and product design industries were targeted as potential acquirers, which lead to an influx of interest with circa twenty parties registering their interest.
An eventual deal was agreed with US-based Pivot International, a product design, development, and manufacturing firm located in Lenexa, Kansas. Operating on a global scale, the company specialises in software development, electrical engineering, mechanical engineering, and industrial design.
Pivot International sought to acquire Wideblue as the acquisition facilitated its plans to expand on its geographical reach, by taking advantage of a well-established business already operating within the UK.
Grant has sold the entirety of his shares, allowing him to fully retire, whilst Russell has retained a 25% stake in Wideblue post-acquisition.
Deal Executive Oliver Thompson advised our clients on the deal.