KBS Corporate has advised on the acquisition of Glasgow-based Kerrco Automation Limited to Novotek AB, a Swedish PLC and provider of industrial IT and automation solutions. The transaction was announced to the Stockholm Stock Exchange following completion.
Kerrco also operates within the IT automation sector, providing complete hardware and software solutions to clients, alongside supplying a wide range of products to drive improvements and sustainability with client applications.
Kerrco’s operations are mainly conducted in the UK and Ireland and are very similar to Novotek’s activities in Sweden. With this in mind, Novotek’s acquisition of Kerrco is expected to significantly expand the Group’s operations in the UK, and provide a strong platform for Kerrco to grow.
With Novotek having already worked within Internet of Things (IoT) and cybersecurity, Kerrco will be able to increase the pace of its development in these areas and re-model to become a key player in the UK markets.
George Walker, CEO of Kerrco, commented, “IoT and digitization are areas that are still in focus in the UK, and we see great opportunities alongside Novotek to accelerate development in these markets.” George will remain as part of the Group’s management team post-acquisition.
Tobias Antius, CEO of Novotek, commented “George has done a great job of building Kerrco and his competency and leadership is something that will benefit the entire Novotek group.”
Post-acquisition, Kerrco’s product portfolio will be unaffected and the company will have the opportunity to integrate some of Novotek’s existing supplier relationships into its operations. In addition, the Group’s name will be changed to Novotek UK & Ireland Limited.
Guy Haynes, Corporate Director, advised on the deal on behalf of KBS Corporate. The shareholders of Kerrco also received legal advice from David Deane of BKF & Co, while the team at Novotek were advised in the UK by Mazars and Burness Paull.