A Wiltshire firm of corporate finance specialists has successfully completed the sale of a UK refrigerated display equipment manufacturer with a turnover of £15 million to a multinational corporation.
Watersheds has facilitated the acquisition of Bedfordshire business Manor Concepts Limited by Italian-based, global retail equipment company Arneg S.p.A, which has a turnover of more than €500 million.
The Swindon-based firm was tasked with selling Manor Concepts to a strategic buyer enabling the shareholders to leave while providing a platform for growth.
A match was found in the form of Arneg S.p.A, a company with a strong pedigree in the industry having been established in 1963 and now operating 20 factories and 11 commercial offices in 25 countries. A deal was concluded within nine months.
Watersheds identified the two businesses as a good fit due to shared characteristics, including innovation, customer service and complimentary areas of operation in the UK market.
Watersheds director Sue Green said: “The strategic fit of Manor and Arneg was clear from the start. While selling to large overseas buyers can be complex and challenging, it can offer a near perfect result for the shareholders, the company and the staff. I am confident that the acquisition by Arneg is just the start of an even greater future for Manor Concepts and its people.”
Manor Concepts, based in Sandy, was founded by Neville Ball and David Winstanley in 1996 and now turns over £15 million.
Watersheds, based in the town’s Bath Road, worked closely with the management team at Manor through detailed negotiations.
Michael Tucker, managing director of Manor Concepts, said: “The support and guidance from Watersheds throughout the whole process was invaluable. By keeping us involved, as needed, and well informed, we were also able to carry on with the normal business activities, with a successful outcome for all concerned.”
Legal and accounting advice to the shareholders was provided by Machins Solicitors LLP and Graham Keeble Partnership, while Arneg was advised by C W Downer.
Pictured above: Sue Green of Watersheds