Clearwater advises mi Technology on sale to CSA Group of Canada

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mi Technology, an independent provider of automotive testing and development services, has been acquired by leading global provider of product certification and testing services CSA Group for an undisclosed sum, in a deal advised by Clearwater Corporate Finance.

Leyland-based mi Technology is a leader in delivering analysis, development, testing and consultancy services to global OEM’s and Tier 1 suppliers. The business operates primarily in the automotive space, in both the commercial vehicle and passenger car markets.

Founded in 1994, mi Technology recorded multi-million pound turnover in the financial year-end April 2013 and employs 110 staff.

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 organisation 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, partner Constantine Biller and director John Clarke.

Jon Hustler, head of Industrials at Clearwater Corporate Finance, said: “The deal allows CSA Group to significantly expand in the UK, develop its service offering and access some of the world’s most lucrative automotive manufacturers. It will also create a wealth of opportunity for mi Technology as it becomes part of CSA’s global network.

On a broader front, this reinforces the high level of interest currently being shown in quality UK automotive businesses by global acquirers.”

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 the UK and Europe. Now as part of the CSA Group, there is also a great opportunity to benefit from the CSA Group global footprint.”

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.”