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In today’s headlines, Petards has sold its UK government and commercial software business to BAE Sysyems Integrated System Technologies for £2.5million and Braemar Shipping Services has bought a majority stake in Fred Olsen Freight for £1.3 million

Done deals:

• ESS Steels Holdings, a manufacturer of steel alloy-based components for the oil industry, has undergone a management buy-out backed by Yorkshire Bank and Baird Capital Partners Europe to the tune of £35 million and £12 million respectively

• Braemar Shipping Services Plc (previously known as Braemar Seascope Group Plc) has bought an 80 per cent stake in Ipswich-based freight forwarding company Fred Olsen Freight for £1.3 million in a bid to expand its Cory Brothers Shipping Agency subsidiary

• Petards, the AIM-listed developer of advanced surveillance systems has sold its UK government and commercial software business to BAE Systems Integrated System Technologies for £2.5million

• Engineer Senior Plc has acquired Capo Industries Inc, a US manufacturer of super alloy jet engine components, for £42 million

Deals in the pipeline:

• Scottish spirits company Edrington Group is in discussions to sell its Glenglassaugh distillery in Banffshire to a consortium from Eastern Europe for up to £3 million, approximately £2 million of which will be invested to restart production

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