Addleshaws brings out big guns for Speedy Hire buy-out and share offer
Addleshaw Goddard has won an eye-catching role advising on a simultaneous acquisition and share placing for tool hire company Speedy Hire.
July 05, 2007 at 12:02 AM
2 minute read
Addleshaw Goddard has won an eye-catching role advising on a simultaneous acquisition and share placing for tool hire company Speedy Hire.
The national firm's Manchester arm advised the company on its £115m acquisition of the tool hire division of UK industrial equipment giant Hewden Stuart, which was funded by a share placing worth £54.5m.
Speedy Hire, the UK's largest tool hire company, funded the transaction with the issue of 4.36 million new shares
and by increasing its debt facility with Royal Bank of Scotland and Barclays by £115m to £325m.
Addleshaws fielded a 57-lawyer team from its Manchester hub on the deal, which was led by corporate partner Roger Hart. The line-up also included property partner Peter Hardy, employment partner Andrew Chamberlain, IT partner Paul Bentham and corporate associate Andrew Forsyth.
The mandate continues a strong transactional performance by Addleshaws' northwest arm, which earlier this year took a trophy
role advising on Flybe's buy-out of British Airways' loss-making regional operation, BA Connect.
DLA Piper acted for Glasgow-based Hewden Stuart on the latest deal, with Birmingham corporate chief Russell Orme taking the lead role.
The deal, which is expected to close later this month following regulatory approval, hands Speedy an additional 180 depots across the UK to give it more than 540. The business will have revenues of more than £400m.
The company provides specialist equipment to UK contractors and builders, heavy industry and the public sector.
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