TLT acts on Novoferm expansion in the UK
TLT has helped German-headquartered Novoferm Europe Limited expand its operations with the acquisition of UK-based Bolton Gate Services Limited.
Novoferm – the European subsidiary of Tokyo-listed Sanwa Shutter Corporation and one of Europe's largest suppliers of entrance solutions – has acquired 100% of Bolton Gate Services – a leading provider of 24/7 door and shutter maintenance and repair services across the UK.
The team was led by corporate partner Alice Gardner and involved technology partner Dan Read, tax legal director Mark Braude, corporate solicitors Luke Thorngate-Davies and Vanessa Aziz and real estate associate Edward Pitt.
According to The Insight Partners, the global automated industrial doors market was valued at US$ 1,525 million in 2016 and is estimated to reach US$ 2,266 million by 2025.
TLT's M&A Legal Trends Report 2017
has revealed an increase in the percentage of UK deals involving an international element, from 35% in 2014 to 41% in 2016. Deal values ranged from £1 million to £32.2 million, with an average of around £13 million. The majority (87%) involved an international investment into the UK.
Jeremy Baker, CEO of Novoferm UK Limited said: "This is an extremely important acquisition as we look to expand our offering across Europe. Bolton Gate Services has a strong reputation and a national client base, with services that will offer customers UK-wide maintenance and repair services. TLT provided us with clear and practical legal advice throughout and ensured that the transaction completed to our timetable."
Alice Gardner, partner at TLT, comments: "We continue to see strong foreign investment into the UK, enabling UK companies to take their growth plans to the next level. The international element of these deals makes it all the more important to make sure you know the dynamics of each market and conduct thorough due diligence before you move forward, and to make sure that both parties are aligned in agreeing the terms of the deal.
"Novoferm operates in a growing market and we are delighted to have been involved in giving strategic advice on the transaction."