SDI Group has sold its US and Chilean businesses for a total consideration of £4.5 million ($6.55 million) to Pierce Street Acquisitions.
The acquirer is a consortium led by Mary Adams, president of US subsidiary SDI Inc, and a former member of SDI Group.
The consortium includes other members of the US management team together with further external parties.
The sale comprises the disposal of SDI’s 100 per cent (unless otherwise stated) shareholding in the following companies: SDI Industries Inc; SDI Investments Inc; Asesorias, Ingenieria y Sistemas Logisticos SA; Real Time Integration Inc; SDI Logistica SA de CV (60 per cent); AISL do Brasil Comerico Importacao e Exportacao de Equipmentos de Informatico Ltda (90 per cent); Green associates LLC (50 per cent); and two dormant companies, which it refers to collectively as “the Sale Companies”.
The company said the proceeds of the sale will be used to supplement the working capital requirements of the remaining Group and the disposal of the Sale Companies will have an immediate positive effect on the its balance sheet and will allow it to operate more efficiently in the future.
* Elsewhere, Nathan Goudie has been appointed by SDI Group UK as general manager UK maintenance.
In his new role Goudie will be tasked with building the company’s maintenance operation to enable the company to increase turnover, diversify into new market sectors, assist customers in their growth plans and to deliver high levels of service.
Goudie was previously regional maintenance manager for the Midlands and the south of England.
Prior to joining SDI Group UK he spent almost ten years at Wincanton as an engineering manager.