Firms act as Tyman buys US building manufacturer
A host of firms including Pinsent Masons, Allen & Overy (A&O), Proskauer Rose and Simpson Thacher & Bartlett have all played roles on UK building products company Tyman's acquisition of US building manufacturer Truth Hardware from Melrose Industries for $200m (£129m). The deal, which will see Truth combine with Tyman's existing US division Amesbury, is being funded by a debt and equity fundraising followed by a proposed move to the London Stock Exchange main market. The transaction is expected to close in June, with Melrose using the funds to pay down some of its existing borrowings.
May 09, 2013 at 07:03 PM
2 minute read
A host of firms including Pinsent Masons, Allen & Overy (A&O), Proskauer Rose and Simpson Thacher & Bartlett have all played roles on UK building products company Tyman's acquisition of US building manufacturer Truth Hardware from Melrose Industries for $200m (£129m).
The deal, which will see Truth combine with Tyman's existing US division Amesbury, is being funded by a debt and equity fundraising followed by a proposed move to the London Stock Exchange main market.
The transaction is expected to close in June, with Melrose using the funds to pay down some of its existing borrowings.
Pinsents advised Tyman on the acquisition in the UK with a team led by Leeds corporate partner Alison Starr. Proskauer and Heenan Blaikie advised Tyman in the US and Canada respectively.
Simpson Thacher took the lead role for Melrose with a London team including corporate partner Adam Signy and litigation partner David Vann.
A&O advised the banks Barclays, HSBC, Lloyds and the Royal Bank of Scotland with a team led by banking partner Greg Brown.
Starr said: "The real challenge facing us and the other advisers was the interplay between an acquisition, fundraising and move to the main market – which had not been done before."
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