Another successful deal for our North West Corporate Finance team
The Baldwins North West Corporate Finance team has successfully advised the shareholders of Harry Peers & Co Limited (“the Company”) on the sale of the Company to Severfield Plc (“Severfield”).
Harry Peers & Co Limited is a long-standing Baldwins client which was formed in 1933 and operates from Elton Street in Bolton. The Baldwins North West Corporate Finance team have worked closely with the Company for several years and sourced the buyer, Severfield, as part of a competitive sale process. Severfield is a market-leading structural steel group who have been looking to strategically expand their offering in the market.
The team negotiated total initial consideration of £30 million payable on completion and deferred consideration of up to a further £7m based on performance targets for the period up to 31st August 2020.
Severfield Plc is the UK’s market leader in the design, fabrication and construction of structural steel, with four UK sites producing 150,000 tonnes of steel per year. With the acquisition of the Company, Severfield have enhanced their structural steelwork expertise in the profitable market sectors of nuclear, power generation and process industries.
David Travis, North West Regional Managing Partner, and Peter Williams, Corporate Finance Director, advised Harry Peers & Co Limited on the transaction over a two-year period.
David said: “This is truly an excellent strategic acquisition and further establishes Severfield Plc as the market-leading structural steel group, now with additional complementary market sectors such as the nuclear sector. We are overjoyed for the shareholders and wider team in what looks set to be an exciting future together.
“It has been a pleasure to work with Harry Peers & Co Limited’s shareholders throughout this transaction.”
Michael Peers, Chief Executive at Harry Peers & Co Limited, added: “I was delighted to have the North West Baldwins Corporate Finance team acting alongside us from the early stages up to completion. They provided clear strategic commercial advice right from the start in generating the deal and were then heavily involved in the transaction, adding value throughout the process.”
If anyone would like any further information in relation to this transaction, or if you have any clients that may be interested in having a discussion about selling their business please contact:
0161 245 1000 or 2051