KBS Corporate has advised on the acquisition of Northern Balance Limited, a Gateshead-based weighing product specialist.
Northern Balance was established in 1971, and has built an excellent reputation within its field. The shareholders decided that, having devoted many years to the company, the time had arrived to exit the company in order to pursue retirement plans.
The company supplies a number of weighing equipment products to their clients, including balances, scales, consumables and peripherals. The company also offers calibration, servicing and repair services to customers on a contract basis. The company works with over 500 clients in the North of the UK, in the pharmaceutical, chemical, food and education sectors.
KBS Corporate targeted a carefully selected number of trade buyers, investors and overseas parties. Almost 20 buyers registered interest in Northern Balance, and a three party bidding process commenced, which resulted in KBS Corporate being able to negotiate a favourable deal structure which included a significant amount of cash on completion.
The eventual acquirer, Gem Scientific Limited, is a Leeds-based scientific product supplier, that acquired Northern Balance for a final value of £1.7m, which was backed by private equity funding.
Justin Welton, Managing Director of Gem Scientific, commented, “The acquisition of Northern Balance furthers our growth strategy in the UK, and marks another significant step forward for Gem Scientific. This is a great opportunity for our two companies to utilise their respective expertise. It will also improve our product offering, enhance our local and national presence and allow us to continue to provide excellent customer service across the group”.