Weybridge-based TT Electronics has acquired Roxspur Measurement & Control. It has paid an initial cash sum of £7.5 million, with an additional consideration of up to £2.5 million — payable in 2016 — depending on the performance of the business up to the end of 2015.
Roxspur — based in Sheffield — is a supplier of temperature, flow, pressure and level sensors to the oil and gas, power generation, water management and materials processing sectors.
The acquisition will become part of TT’s sensing and control division. Richard Tyson, chief executive of TT Electronics, said: “We have a clear strategy to achieve sustainable organic growth and further improve our margins. We are actively looking for opportunities to accelerate this organic development with complementary acquisitions, including in industrial sensing and control.
“Roxspur brings us new customers and additional capabilities. Integrated with our sensing and control operations, it will support further investment in our strategic objectives.”
In the year to 30 June, Roxspur reported sales of £8.2 million and an operating profit of £900,000.