Three East Midlands professional firms have worked together to instigate and drive a multi-million pound national deal continuing their individual runs of deal making success.
Cooper Parry and RSM Tenon have advised on the respective sale and acquisition of Troy (UK) Limited, a business based in Devon, which has a turnover of over £35m and is a leading UK buying group and wholesaler of tools and industrial supplies to the engineering, construction, and allied industries markets. In addition, the Nottingham office of HBJ Gateley Wareing provided legal advice to the purchaser.
The Shareholders of Troy (UK) Limited were advised on the sale by Cooper Parry Corporate Finance.
Sally Saunders, dealmaker at Cooper Parry said: “Whilst the business was based in Devon, the deal was advised almost exclusively from the East Midlands and demonstrates therefore the strength of the regions professional community and quality of advice provided.”
She added, “We are delighted to have contributed to making this deal happen by bringing together the two parties through joint cooperation with HBJ Gateley Wareing and our fellow competitor RSM Tenon”
Paul Bevan and Graeme Gladstone from RSM Tenon and Mark Rutherford from HBJ Gateley Wareing acted for the purchaser, Paul Kilbride.
Mr Kilbride owns a number of tooling companies UK wide including Eurogrind Limited which is a leading global carbide cutting tooling manufacturer. The combination of Troy and Mr Kilbride's existing businesses broadens the product range available to Troy’s members and provides an additional route to market for Eurogrind’s products and those of Mr Kilbride's other businesses.
Paul Bevan said “To advise Paul on another deal is great news for him and great news for RSM Tenon, as we also provided Due Diligence for Paul on the target business.”
Graeme Gladstone said “To pull off an MBI in the current economic climate highlights the determination and skills of the adviser and funder community here in the Midlands. Troy (UK) Limited represents an excellent opportunity for Paul Kilbride and I’m sure he’ll be able to leverage his existing businesses and contacts to take Troy to the next level”.
Mark Rutherford said "We were delighted to have been involved in this deal. It is the sixth transaction we have completed for Paul Kilbride and the second this year. All the advisers pulled together to get what was quite a difficult deal over the line."
In July Mr Kilbride also completed the purchase of Swansea based BAW Precision Tooling.