Corporate, property and employment lawyers from Thrings have negotiated the sale of Swindon-based MagDev Ltd to US firm Bunting Magnetics Company.
The Indian-owned MagDev – a leading custom magnets and industrial magnets manufacturer – has been acquired by Bunting, a world leader in magnetic technology, magnetic separation equipment and metal detection systems for industry.
The merger brings together MagDev and Bunting’s combined magnet knowledge and expertise to create a team capable of providing the most comprehensive range of magnets, magnetic solutions and magnetic services in Europe.
The deal will allow MagDev Ltd – which was founded in 1973 and was formerly part of the Delta Magnets group of companies – to increase its investment in new products as well as providing its customers with a wider range of stock and technology.
MagDev Ltd’s facility on the Ash Industrial Estate in the north of Swindon includes extensive testing and in-house machining facilities and more than 12,000 square feet of warehouse space. It also has a number of low-cost manufacturing plants in India.
The company will continue to trade as MagDev, although its name will change to Bunting Magnetics Europe Ltd.
Meanwhile, Kansas-headquartered Bunting – whose engineering and manufacturing facilities in Europe already include Berkhamsted and Redditch – will expand the range of magnetic products and technical expertise it offers to customers, reinforcing its premier position in the global magnetics sector.
Yvonne Mills, Director and General Manager of MagDev, received legal, commercial and strategic support from long-term advisers Thrings.
The Thrings team was led by Corporate Partner Simon Hore, with assistance from Solicitor Conor Melvin. Legal Director Charlotte Barrett handled the property aspects of the deal, while Partner Jeremy Nixon advised on employment law matters.
Yvonne said, “Thanks to the team at Thrings who guided and supported us through all aspects of this process. We were provided with clear, prompt and relevant advice to enable us to complete this deal and look forward to the future.”
Simon said, “Having advised MagDev for more than ten years, including the successful acquisition of a complementary metal powder coatings division, Thrings is very pleased to have worked with Yvonne and her team to complete this deal.
“All parties have been a pleasure to work with, and we wish everyone at MagDev and Bunting every success as they embark on what is a hugely exciting partnership.”
Simon Ayling, Bunting’s European Managing Director, added that the addition of the MagDev products and its technical team, “significantly expands” Bunting’s magnet knowledge and capability.
Pictured above: Simon Hore, Corporate Partner for Thrings