Hammonds engineers £139m RBI transaction
Legal Week reports
November 01, 2006 at 07:03 PM
2 minute read
Hammonds' Birmingham office has sealed one of its largest transactional mandates in recent years after advising Royal Bank Investments (RBI) on its £139m sale of Midlands engineering products giant Wyko to Dutch rival Eriks Group.
The national firm landed the instruction for RBI, the private equity division of the Royal Bank of Scotland, after winning out in a competitive tender process earlier this year that also saw rival bids from a handful of major City firms.
The deal, which signed last month, sees Dutch industrial group Eriks take on Wyko, the UK's largest engineering parts supplier. The buy-out is expected to complete before the end of the year.
Corporate partner Martin Letza led the team for Hammonds with support from corporate associate Bradley Quin and solicitors Sian Chapman and Charlotte King. Hammonds Birmingham chief Ian Forrest provided pensions advice.
The deal will be a boost for the Birmingham arm of Hammonds, following a moribund period in the Midlands buyout market.
The deal, which remains subject to European regratory approval, also generated a role for Dutch giant De Brauw Blackstone West-broek, with Amsterdam-based M&A partner Bernard Roelvink advising Eriks on local law issues.
Macfarlanes corporate partner Charles Meek acted for Eriks in the UK, while Kevan McDonald, a partner at corporate boutique Dickson Minto, represented the Wyko management team.
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