Corporate team advises on sale of Horstman Holdings Limited
Our Birmingham office’s corporate team has supported Horstman Holdings Limited during its acquisition by RENK AG.
Founded in 1913, the Poole-based company provides world leading design and manufacturing capabilities for heavy armoured and tracked vehicle suspension systems. They currently employ more than 150 employees across its locations in the UK, US and Canada and reported turnover of more than £25 million in 2018.
RENK AG, who purchased the group of companies, is a Germany-based manufacturer of high-grade gear units and power transmission components.
Our team supported Horstman on the legal aspects of the deal. Richard Wrigley, our corporate partner said:
“We have collaborated with Horstman on acquisitions, reorganisations and other legal support over the last 14 years. The sale is an amazing opportunity for them, as it will enable the business to strengthen their global presence and continue to expand their product portfolio.”
Horstman CEO Ian Pain said: “Our customers and employees will benefit as RENK allows us to continue operating as an independent company and to build on our existing success, while also opening the opportunity to create new mobility solutions together.”
The transaction completed in April 2019 following regulatory approvals including CFIUS in the USA and German and Austrian Merger Control.