Foam business sold as Vita Group swoops
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Corby based foam conversion business Technical Foam Services has been sold to the Vita Group.
The Vita Group manufactures and markets a wide range of flexible foam, latex and flooring products.
Owner and managing director, Duncan Geddes said, “We are really pleased with the outcome of this deal and I am pleased to be able to continue working with Vita to help continue to grow the business over the next few years.”
Howes Percival acted as legal advisers to Duncan and April Geddes, the outgoing shareholders of the Technical Foam Services group. The Howes Percival team included Matt Thompson and Jeremy Hyde on corporate matters and Graham Irons and Sobia Ahmed who advised on the employment law aspects.
Geddes added: “We really appreciate all the help and support provided by Matt and the team at Howes Percival. Our deal with Vita happened incredibly quickly and the team were able to react and help us meet a really tight deadline, without compromising on the high quality service, ensuring we were protected throughout the transaction.”
Thompson said: “This deal follows a very busy six months of activity for the Howes Percival corporate team. We have advised on a range of acquisitions and disposals, right across the region. It has definitely been a good time to sell, and vendors have taken advantage of the existing capital gains tax rates and a healthy appetite from large corporates, private equity and external foreign investment looking to acquire and ‘bolt onto’ their existing portfolios.
“Northamptonshire has always had an enviable reputation for producing successful, profitable, privately owned businesses, opened and often still operated by local people with significant expertise in their fields. Technical Foam is no exception and the Vita Group have clearly seen that Duncan and Technical Foam is a great addition to their portfolio of existing businesses. We wish Duncan, April and everyone at Vita all the very best with the integration and ongoing success of the business.”