Northbridge Industrial Raises GBP7M For Tasman Oil Tools Buy

LONDON (Dow Jones)--Industrial services and rental company Northbridge Industrial Services PLC (NBI.LN) Wednesday said it has conditionally raised GBP7 million to help fund the acquisition of Perth-based rental equipment firm Tasman Oil Tools Pty. Ltd. for A$16.9 million. Chief Executive Eric Hook said the deal would significantly increase the size of Northbridge and broaden its presence in the Asia Pacific region. The acquisition is expected to be immediately earnings enhancing. The acquisition of Tasman, which focuses on the Australian oil industry, will be paid for using the funds raised as well as new banking facilities and its cash resources. Arbuthnot Securities has placed 5,606,000 new shares with new and existing institutional and other investors at 125 pence a share--a discount of around 6% to the closing mid-market price Tuesday, raising around GBP7 million. Both the placing and the acquisition need shareholder backing and a meeting will be held July 22. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires June 30, 2010 02:27 ET (06:27 GMT)