Grant Thornton advises on the disposal of Guralp Systems
Grant Thornton UK LLP, the accounting and consulting firm, has
announced the successful completion of the disposal of Guralp
Systems Ltd in a £20 million transaction backed by Primary Capital.
Guralp is a leading manufacturer of low-noise broadband
seismometers used around the world for the scientific study of
earthquakes, as well as safety monitoring of installations such as
hydroelectric installations.
"We are very pleased to have assisted in
successfully concluding such a comprehensive and mutually
beneficial agreement. In a competitive bidding process, Primary
demonstrated its ability to assemble the rest of the management
buy-in team and its support for the expansion plans of Guralp
Systems," commented Duncan Lamb, Corporate Finance Director at
Grant Thornton UK LLP, which advised the vendor on the
transaction.
Peter Jacobs, an Investment Director with
Primary said: "Whilst we were negotiating this deal the terrible
earthquakes in both Haiti and Chile brought home how early warning
of seismic activity is increasingly essential for governments and
for businesses."
Primary was awarded exclusivity after a
competitive process. Primary worked with Dr Guralp and Tony Wall,
the incoming Managing Director, over several months to structure
the deal and assemble the rest of the management buy-in team. Tony
Wall is joined by Andrew Bell as Finance Director and Martin Perry
as Chairman.
Duncan Lamb concluded: "Our integrated
approach also facilitated the appointment of Tony Wall as new
Managing Director of Guralp Systems. The appointment allows the
firm's founder Dr Cansun Guralp to focus on further driving
technological innovation. I am confident the combination of the new
management team and the existing expertise in the business will
offer significant scope for growth."
Dr Cansun Guralp said "After 25 years in the
manufacture of scientific instrumentation we have exceeded all
expectations and are ready for the next phase of growth and
creativity. We have added much to the field of seismology and
associated areas of science. I am looking forward to working with
Primary and the new managers in the business. I will enjoy focusing
my time on product development but I will, of course, continue to
be fully engaged with the business and its customers."
Tony Wall commented: "Since joining Guralp in
December 2009 as Managing Director, it has become apparent that we
have enormous potential in a number of market areas such as oil and
gas exploration, civil engineering and security. We will of course
continue to focus on our existing markets and ensure we deliver a
world class service. I have no doubt that we will move from
strength to strength as we develop new exciting products for global
applications."
ENDS
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