Microgard £59m sale to global player completes
PROTECTIVE clothing manufacturer Microgard has been sold to global protective solutions group Ansell for £59m.
Hull-based Microgard was founded in 1975 and manufactures and supplies protective clothing to over 75 countries, with a German subsidiary and a manufacturer in Xiamen China.
The firm employs 750 people globally and had sales of £26m for the 2014 calendar year.
The agreement is subject to German anti-trust trust clearance and is expected to complete during the second quarter of 2015.
Global firm Ansell has offices in Australia, the United States, Canada, Belgium, Japan, Hong Kong, Malaysia and China. It was founded over 100 years ago and employs over 14,000 people worldwide.
Graham Stonehouse, Microgard founder said: “We are pleased that Microgard is joining forces with Ansell, the recognized world leader in protection solutions.
“Ansell’s global reach, commitment to quality, and record of innovation will deliver immediate value to our business, our people, and our partners.
“I am grateful to the Rollits’ team for their expertise and positive outlook which gave great confidence and reassurance.”
Microgard’s finance director Kieran Eblett worked closely with Ansell and the professional advisors throughout the sale.
Chief executive officer at Ansell said: “This acquisition is another critical step in the building the Ansell body protection business as part of the Industrial Global Business Unit. Microgard’s innovative range of chemical clothing for industrial, life sciences, chemical, oil and gas, complements our previous acquisitions.
“Together with our current chemical protective glove range, we now have a world-class portfolio of chemical protection solutions, leveraging our strong global footprint.”
Nasim Sharf at Rollits led the team which provided legal advice to Microgard and its shareholders, supported by Craig Engleman, Chris Crystal, James Peel and Ed Heppel. Rollits co-ordinated specialist advice relating to Chinese law, provided by Jason Carmichael and his team at Smyth & Co, in association with RPC, based in Hong Kong, and German law, provided by Dr Jörg Heyer and his team at Seitz Partners based in Cologne.
Lead corporate finance advice was provided by Tom Spencer of Bishopsgate Corporate Finance who negotiated the deal and project managed the transaction on behalf of the Sellers.
PwC prepared the vendor due diligence and gave specialist Chinese tax advice. Baker Tilly’s Hull office provided UK tax advice.
Nasim Sharf commented: “Rollits are delighted to have helped complete this complex, international transaction on time. I was especially pleased that our network of trusted law firms in different jurisdictions delivered seamless advice across time zones from New York to Sydney. Microgard is an impressive business and we wish Ansell every success with it.”
