Ring Automotive has announced the acquisition of vehicle electrical system conversion company Carnation Designs.
The agreement, which will see Ring acquire the trade and specified assets of Carnation Designs, will allow both organisations to pool their resources and skills to develop their business. Carnation Designs, best known for converting vehicles for use as panda cars and ambulances, will benefit from access to increased investment and support in new product development, while for Ring the step will increase its presence in the vehicle conversion market.
Richard Morley, Business Unit Director at Ring, said: “As a progressive brand that is always looking for opportunities to extend our range of specialist products, it made perfect sense for us to acquire Carnation Designs. The business has a strong brand with the Genisys system, and we want to work together to strengthen both organisations and the opportunities that we have in the vehicle conversion sector.
“Bringing together the experience and skill sets of both organisations, the acquisition will allow for the knowledge transfer of specialist vehicle conversion applications to the fleet markets.”
Richard Yates, Business Development Manager from Carnation Designs, comments: “We are pleased to announce the acquisition by Ring, which reinforces our commitment to technically advanced systems that benefit our customers working in specialist vehicle markets.”
“Working alongside Ring will allow us to invest in the future development of our products. We are very excited by the opportunities that this combined knowledge and focus will present. All of the Carnation Designs team is excited to be joining Ring and working closely with them.”
Craig Pettit at Squire Patton Boggs Leeds office provided legal advice to Ring management and Jeff Gardner at Dow Schofield Watts Transaction Services provided financial due diligence services.