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Bid approach rebuffed by 600 Group board
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12/10/2007
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Precision Technologies Group recently approached the board of UK listed 600 Group to discuss the possibility of a bid for 600 Group. Both companies are UK listed.
Precision Technologies Group includes machine tool makers Holroyd, Rochdale, and Jones and Shipman Precision, Leicester and is owned by Venture Private Equity (VPE) and Ferranti Capital.
600 Group is a manufacturer of machine tools, workholding equipment, bearings and also a distributor of machine tools. Its brands include Colchester-Harrison, Pratt Burnerd, Crawford Collets, and Electrox.
VPE is headquartered in Pall Mall, London. The company’s secretary is Mark Franckel (pictured), ex-president of Jones & Shipman, Farmington, Connecticut, US and previously sales director at Jones & Shipman, Leicester. VPE director Stephen Moon is also ex- Jones & Shipman. Mark Franckel is also president and CEO of Precision Technologies Group.
VPE is a turnaround specialist operating in the engineering sector and leads the hands-on management of acquired companies. Ferranti Capital is an investment company specialising in China and outbound M&A in the engineering, manufacturing and technology sectors.
The 600 Group board released a statement on 5 October saying it had rejected the approach from PTG", adding that: "No discussions are currently taking place with PTG, however, the board notes that PTG is considering its position. The board remains confident in the company's strategy and growth prospects and urges shareholders to take no action at the current time."
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Author
Andrew Allcock
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