Canadian firm acquires Leyland-based mi Technology
mi Technology, an independent provider of automotive testing and development services, has been acquired by leading global provider of product certification and testing services Canadian Standards Association Group (CSA Group) for an undisclosed sum.Founded in 1994, mi Technology recorded multi-million pound turnover in the financial year-end April 2013 and employs 110 staff. The business operates primarily in the automotive space, in both the commercial vehicle and passenger car markets.
Clearwater Corporate Finance advised on the deal.The acquisition will give Canada-based CSA Group a developed route into the UK automotive market and strengthen its international footprint, which currently includes facilities in Germany, Italy, the Netherlands and Switzerland with more than 400 expert employees in Europe. The firm is independent and provides testing and certification services globally across a number of core sectors, including manufacturing, retail and business services.
A team at Clearwater advised mi Technology on the sale, which was led by Industrials partner Jon Hustler and director John Clarke.Ian Oakes, co-founder of mi Technology, said: “The sale has come at a perfect time for the business as it continues to expand its presence in North America and other parts of the world. The leadership team at CSA has been successful to date following a series of acquisitions to strengthen the firm’s safety and performance testing capacity, while putting end-users front of mind.” Magali Depras, CSA Group’s vice president for Europe, added: “The acquisition of mi Technology furthers CSA Group's portfolio of testing facilities with automotive capabilities, including CSA Group Bayern GmbH's existing facilities in Strasskirchen, Germany. It also provides us with an experienced management team and enhances our well educated and dedicated workforce that will enable us to continue with our global growth plan.”