15.10.2004

Tanfield Group buys SEV

SEV or Smiths Electric Vehicles to give it its full title, has been acquired by engineering and manufacturing group Tanfield. In terms of revenues Tanfield was similar to SEV and has thus almost doubled in size with this addition, the deal was structured on a combined cash and shares basis and is worth a total of around £3.2 million. Tanfield paid £2.2m in cash and a further £1m in new ordinary shares for SEV, which employs 110 people at its Team Valley factory.

Tanfield Group was formed in January after a takeover by the digital imaging company Comeleon. Since then, it has moved from short-term sub-contract engineering work to specialist technical assembly on longer-term contracts, including defence contracts.
SEV, founded in 1920, designs and manufactures electric vehicles, and more has in recent years been the parent company of Aerial access systems, with a range of truck and trailer mounts as well as being the distributor in the UK for a small range of other access products, the company has an annual turnover of more than £10m.

In its interim results announced last week, Tanfield reported a growing order book, an increase in turnover to more than £5m, and an increase in the workforce from 160 to 230, despite pre-tax losses of £2.5m.