New Zealand-based Glidepath Limited has announced today that its shareholders have entered into an agreement to sell their shares to B2A Technology SAS, the French intralogistics, airport and healthcare technology company.
Owner and executive chairman, Sir Ken Stevens, said in confirming the sale of the company he founded 47 years ago for an undisclosed sum that it was the right time for him and Stevens’ family interests as shareholders, and Glidepath as a business, to look to the future.
“The sale will allow Glidepath to build on its strong performance and prospects with a new owner who has the right synergies, capabilities and customer centric values to step up and take the business to the next level of growth,” Sir Ken said.
B2A Technology president, Pierre Marol, said the acquisition of Glidepath will boost the growth potential of the combined Group which will have over 900 employees operating in ten countries over five continents.
“The B2A Technology Group which now includes Alstef, BA Systèmes and Glidepath can offer a wider global market presence, expanding and complementary product range and greater commercial strength while remaining true to the shared values of collaborative innovation, customer focus and care for its people,” he said.
Mr Marol said it would be business as usual for Glidepath and status quo for the Glidepath brand, management, staff, marketing and manufacturing networks while a joint strategy is developed.
Glidepath group general manager, Natalie Bilyard, said the management team was excited and supportive of the acquisition and the opportunities to leverage technical and commercial systems and synergies to grow the business.
“We have complementary customer offerings and do not compete in the same markets,” she said.
Sir Ken, who will step down as executive chairman, might be retiring from his day job, but he will continue to be a champion for New Zealand exports, the West Auckland community, and coach and encourage the development of fresh innovations.
Glidepath was advised by KPMG (M&A and financial due diligence) and law firm, Kensington Swan. B2A Technology was advised by PwC (M&A), Chapman Tripp (legal and tax), and EY (financial due diligence).