Northbridge Industrial Services (NBI), the specialist industrial equipment distribution and hire company, reported a £3.3m pre-tax profit for the first half of the year, while raising about £3.5m before expenses in a share placing to help fund its £13m acquisition of New Zealand-based tool rental company Tasman Oil Tools.
This latest deal forms part of its strategic objective to consolidate niche industrial equipment businesses in the buoyant Asia Pacific region, and will significantly boost its presence there, given that it had already bought Tasman's Australia business in 2010.
In a consolidating sector, Northbridge has shrewdly mopped up companies that fit its geographic and industry segments.
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