Walter Broadley Holdings Limited has been acquired by Tennant Company, a NYSE listed company based in Minneapolis in a multi-million pound transaction. Walter Broadley, which is based in Northampton, is the leading UK manufacturer of battery powered floor cleaning machines and is the market-leading supplier to the large supermarkets. The group has a turnover in the region of £10m and employs 130 staff.
Tennant is a world leader in the design, manufacture, and marketing of cleaning equipment. The acquisition gives them a significant holding in the UK market and doubles their customer base in the UK.
David Browne and Sally Saunders of Cooper Parry Corporate Finance acted as lead advisers to the sellers, with Gerald Couldrake of Howes Percival providing legal advice.
Sally Saunders of Cooper Parry commented: ”We are delighted for our clients who have fought against the larger players in the market over the last 20 years and have remained market leaders in the UK despite the stiff competition. Tennant and Walter-Broadley are extremely complementary both in terms of their business and the client base they serve.”
She added: “The key to making this transaction happen was the identification of the strategic purchaser and a clear demonstration of the strategic benefit of an acquisition to that particular purchaser. This deal also demonstrates Cooper Parry’s growing expertise and experience in cross-border transactions.”