Lighting systems company FW Thorpe has bolstered its overseas presence with the acquisition of a Dutch company for almost £6 million.
The Redditch-based company, which designs, manufactures and supplies professional lighting systems, has bought a 65 per cent share in Lightronics Participaties.
Listed FW Thorpe said the acquisition was expected to enhance earnings in the first full year of ownership and would complement its existing technologies, presenting potential growth opportunities and synergies.
FW Thorpe will pay an initial consideration of €7.8 million (£5.7 million) with a fixed commitment for the remaining 35 per cent of the issued share capital from management between the third and sixth year anniversaries of the acquisition.
As part of the transaction, the 35 per cent held by management has been partially funded by FW Thorpe via a loan.
The current senior management team has agreed to remain with Lightronics which specialises in the development, manufacture and supply of external and impact proof lighting.
FW Thorpe chairman Andrew Thorpe, who ranked 41st in the Birmingham Post 2015 Rich List , said: "This acquisition enables FW Thorpe to widen its distribution of products and technology in Europe as well as build upon what has been a consistently successful business in its own right for a number of years.
"We are excited by this opportunity and are confident that this acquisition will generate further value for our shareholders."