Diploma PLC acquired Tennessee Industrial Electronics, LLC from Summit Park II, LP managed by SPP Management Services, LLC for £76 million.
March 09, 2023
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Diploma PLC (LSE:DPLM) acquired Tennessee Industrial Electronics, LLC from Summit Park II, LP managed by SPP Management Services, LLC for £76 million on March 6, 2023. In aggregate, Capital Raise of 9,350,965 New Ordinary Shares (comprising 9,297,005 Placing Shares, 3,960 Subscription Shares and 50,000 Retail Shares) represents approximately 7.5% of the Company's issued ordinary share capital. The proceeds of the proposed Placing, Subscription and Retail Offerwill be used to refinance the consideration paid for the acquisition of Tennessee Industrial Electronics, LLC. Kevin Conroy, Adam Hunia, and Brad Keyworth of Lincoln International LLC served as financial advisor and McGuireWoods LLP served as legal advisor to Tennessee Industrial Electronics, McGuireWoods LLP served as legal advisor to SPP Management Services, LLC. Lazard, Inc. served as financial advisor and Foley & Lardner LLP served as legal advisor to Diploma PLC (LSE:DPLM).
Diploma PLC (LSE:DPLM) completed the acquisition of Tennessee Industrial Electronics, LLC from Summit Park II, LP managed by SPP Management Services, LLC on March 6, 2023.
Diploma PLC specializes in technical services. Net sales break down by activity as follows:
- manufacturing of control systems (47.4%): fluid control systems, harness components, wiring and fastening systems used primarily in aerospace, defense, medicine, energy and motor sports sectors;
- manufacturing of seals (34.9%): gaskets, filters, cylinders, machined parts for specialized industrial equipment, cylinder components for repair and maintenance of heavy mobile machinery and industrial equipment, etc.;
- manufacturing of healthcare equipment and environmental management equipment (17.7%): medical devices for pathology laboratories, operating rooms, clinics, etc., environmental analyzers, containments and emission control systems.
Net sales are distributed geographically as follows: the United Kingdom (22.3%), Europe (17.5%), the United States (44.8%) and other (15.4%).