A corporate transaction on which the Else Solicitors Corporate team provided legal advice has won the coveted “Dealmaker of the Year Award” title at the Midlands Dealmakers Awards 2017.
Organised by Insider Media Limited, Dealmakers awards are held annually to recognise the corporate finance industry’s leading deals and their advisors. Else won the SME Deal of the Year (Deals of less than £20m) category which was Sponsored by Euler Hermes for their role in the sale of Alca Fasteners to a new management buy-in team.
Else Solicitors acted on behalf of brother and sister Alan and Carole Hodson, who, as majority shareholders, wanted to complete a management buy-in to new shareholders Jonathan Neate, Matthew Tongue and David Barber.
The deal completed in February 2017, after months of careful preparation and negotiation with the management buy-in team, funders and advisers acting on behalf of the new management team.
Alca Fasteners is a major supplier of large diameter bolts and nuts to the Petro-chemical, gas, oil and construction industries. The company is based on Darlaston Central Trading Estate in Wednesbury, West Midlands. The company reported turnover for year ending 2016 as £4m and employs 31 staff.
Following completion of transaction, Jonathan Neate became Managing Director and shareholder in the company alongside Matthew Tongue and David Barber. Alan Hodson stayed on as Operations Director.
Commenting, Adam Gilbert, Head of Corporate at Else Solicitors said, “Our team has worked really hard to build its reputation within the corporate finance community. I am really proud that the expert advice we have provided during this transaction has been recognised at the dealmakers awards, and as a result, our deal making expertise and credentials have been further strengthened.”
Other advisers on the deal included Castle Square Corporate Finance, Freeths, Smith Cooper Corporate Finance, Wright Hassall, Hadrian’s Wall Capital.
The Else Solicitors Corporate team compromises a team of six corporate law professionals, which so far in 2017 has completed 18 transactions valued in excess of £53m. The team also act on an ongoing basis for local businesses based around Burton on Trent and leading national brands such as Vaillant, Marstons PLC, Santander and Punch Taverns.