CMG bought by Thomas & Betts

US company Thomas & Betts Corporation has acquired Cable Management Group for around £70 million.

Birmingham-based CMG designs and manufactures flexible conduit systems for protecting power and data cables. In the year to July 2010, the company reported sales of approximately £28 million. CMG employs around 200 people and operates through the brands Adaptaflex, Kopex and Harnessflex.

Private equity firm Lloyds Development Capital (LDC) acquired a majority stake in CMG in 2007.

Dominic Pileggi, chairman and CEO of Thomas & Betts, says: ‘CMG is a growing and profitable business with market-leading brands, a solid international presence and an excellent financial profile. CMG’s diverse portfolio of cable protection systems complement T&B’s existing product offering as well the portfolio of cable protection systems added when we acquired Swiss-based PMA earlier this year.’

Thomas & Betts is a global company based in Tennessee that produces a range of power and data cables and associated products. In 2009 the company reported a turnover of $1.9 billion. The acquisition was funded from Thomas & Betts’ cash reserves.

The deal is LDC’s second recent exit, following the sale in August of Vision Security Group.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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