Rotork (ROR) - Another day, another high priced deal in energy services
As anticipated the deal flow in the energy services arena is really starting to hot up. Earlier this week saw news of Schlumberger’s acquisition of Cameron International, the US listed manufacturer of pressure control and rig systems for $12.7bn, a 56% premium to the closing share price on the day before. Today it’s the turn of Rotork, the UK listed manufacturer of actuators and flow control products, who is acquiring Bifold Group Ltd for £125m.
Bifold , which has its base in Manchester, is a leading manufacturer of pneumatic and hydraulic instrument valves and components focused on the oil and gas industry and wider industrial markets, with expertise in a number of niche sectors such as subsea and wellhead control systems. Bifold employs approximately 300 people and will sit within Rotork’s Instruments division and its current management team will remain with the business. Rotork estimates that the addition of Bifold will significantly increase Rotork’s addressable market by approximately £750m to £4.3bn. As part of Rotork, Bifold will also be able to offer a broader product…