Truflo Group Limited has been sold to international engineering group IMI plc. Completion of the sale is expected to occur within the next month. Upon completion John Perkins and Eddie Price will be leaving the Group. The acquisition of Truflo will expand the scope of IMI’s severe service valve division, CCI, and the Board of Truflo believes that IMI will be a good long-term home for the Truflo businesses.
IMI has agreed to acquire Truflo from the Alchemy Investment Plan and others for a cash consideration of GBP 120 million payable on completion, with Truflo having net cash of approximately GBP 7 million at 31 January 2006, representing an enterprise value of GBP 113 million.
The majority of Truflo will become part of IMI’s Severe Service business, a global provider of engineered valve solutions for critical processing plant. The balance, which includes specialist pressure regulator and control systems (approximately 15% by turnover), will become part of IMI’s Fluid Power business, which has complementary operations.
