Shakespeare Martineau advises Avingtrans on second deal in two months
Shakespeare Martineau's corporate team have advised on a second deal in two months for long standing client Avingtrans plc.
Having completed the purchase of Rolls Royce’s internal pipe manufacturing business in March, Keith Spedding
and his team advised Avingtrans on the sale of its Aerospace Division to a new company backed by Silverfleet Capital Partners LLP for an Enterprise Value of £65 million. After adjustment it will result in Avingtrans receiving proceeds of approximately £58 million (before costs and escrow arrangements). The sale is conditional on a number of factors including shareholder approval and competition authority clearances. It is expected to complete by June.
Silverfleet Capital is a leading independent European private equity firm, specialising in mid-market buyouts.
Following the sale, Avingtrans will continue to develop the Energy and Medical markets served by its Metalcraft and Maloney Metalcraft businesses. It is intended that Avingtrans will return a substantial portion of the proceeds of sale to shareholders.
Keith has acted for Avingtrans for over nine years, with this being his 11th deal for Avingtrans. He said:
“It’s fantastic to advise on the sale of a great business which I have been involved in creating by various acquisitions over the years. The return to shareholders and the opportunities in the Energy and Medical division are a reflection of the hard work put in by the Avingtrans team over the years.”
Steve McQuillan, CEO of Avingtrans plc said:
“Following a strategic review the Board concluded that it was the right time to consider the disposal of the Aerospace business which had achieved the majority of its targets. This transaction further demonstrates Avingtrans’ track record in growing successful businesses and realising value for shareholders. It was great to work with Keith and his team again on such an important deal to the Group, and they did another fine job for us.”