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Exciting Changes at Trueform: Trueform Acquired by GIL Investments Ltd

June 2012

Trueform Engineering Limited (‘Trueform’), leading designers, manufacturers and installers of intelligent public transport infrastructure, have been acquired by UK-based private investment firm GIL Investments Ltd (‘GIL’).

GIL acquires controlling stakes in British manufacturing businesses and is currently invested in twelve businesses with combined sales of over £300m and a workforce of over 1,500 people. Mike Gillett, Managing Director of one of GIL Investment’s most successful businesses, Covpress Holdings Ltd, and an expert in lean manufacturing and modern production techniques, will be joining the board of Trueform as Chairman.

Public transport solutions company Trueform have a successful track record in the provision and maintenance of integrated and coordinated hardware & advanced technology solutions for public transportation. These systems attract passengers, reduce congestion and greenhouse gas emissions by successfully transforming the waiting experience through the use of design, technology and innovation.

George Kofteros, Trueform’s founder, said ‘After building up the company over a 35 year period and developing it into one of the leading businesses in the sector, I am pleased to have at last found a suitable succession partner. One who will invest and ensure the on-going success and development of Trueform, and one that I can trust to continue our good work and take the company to newer heights. I believe GIL has the necessary financial resources, experience, management expertise and manufacturing resources to do a great job. This transaction will allow me to spend more time on other family interests and business ventures’.

Jonathan Morley, Group Managing Director, Trueform Holdings Ltd said ‘We have been working with GIL on this acquisition for some time and we are delighted to be able to make this announcement. Over the companies 35 year trading history, Trueform have provided many of the World’s largest and most successful cities and public transport networks with their supporting infrastructure and systems within the bus, overground rail, BRT, LRT, underground rail, wayfinding, cycling and air passenger transport industries.

Trueform already has a well established brand and operating presence throughout the UK, North America, Canada and the Middle East. The financial investment and management support provided by GIL will enable the company to improve our products and service provision to our existing customers, continue our global expansion plans, and enable the on-going development and innovation in advanced public transport technologies so that Trueform remains a global leader in its field’.

Richard Banham, Investment Director, GIL commented, ‘GIL are delighted to announce this acquisition of Trueform. Trueform is a progressive, leading edge manufacturing organisation operating in a contemporary, rapidly growing, sustainable and profitable business sector who is truly flying the flag for British design and manufacturing on an international scale. We are delighted to be able to work in partnership with Trueform’s management team and to support their growth and development aspirations over the long term’.

The Trueform group also comprises Ferrograph Ltd, the UK’s leading provider of electronic passenger information displays, which is a 100% subsidiary of Trueform.

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