Bristol advisers work on multi-million protective clothing deal

Bristol based advisers FRP Corporate Finance and Osborne Clarke have advised Europe’s leading supplier of cold temperature protective clothing Flexitog UK Ltd on a multi-million pound deal.

The deal will see US firm RefrigiWear acquire a 100% stake in the business.

Founded in 1979, Flexitog is Europe’s leading developer and supplier of own brand cold temperature protective workwear.

Its products have been used to support the 2010 British Antarctic Expedition and in the Irish WingSuit Team’s attempt at a record-breaking jump from 35,000 ft in 2017.

The FRP Corporate Finance team led by partner Mark Naughton, and Osborne Clarke team, led by corporate partner Alisdair Livingstone were appointed by UK Managing Partner Rolf Lyon, to provide sell-side advice to Flexitog after an initial approach from RefrigiWear.

The deal, which was backed by US private equity house Sentinel Capital Partners will give Georgia- based RefrigiWear a new platform in the European market as it seeks to become the leading global supplier of cold temperature workwear. It will also allow Flexitog the opportunity to expand into new territories and industries, with the company’s management team set to reinvest into its new parent company.

Rolf Lyon, Managing Partner at Flexitog UK Ltd, said: “Our new relationship with RefrigiWear will allow us to share resources with another innovative, industry leading business. This collaboration will help drive international growth as part of RefrigiWear’s efforts to become the leading global provider of cold weather clothing.

“We are grateful for the advice and support from FRP Corporate Finance and Osborne Clarke throughout this transaction. We chose our advisers based on their strong reputation, knowledge and experience – they delivered exceptional advice at every stage to ensure a smooth deal process.”

Mark Naughton, partner at FRP Corporate Finance, said: “Flexitog is an excellent business that has a strong track record of delivering industry-leading products within the cold temperature clothing market so it is easy to understand RefrigiWear’s interest in acquiring the company.

“It was a pleasure to work with Rolf and his team to help them complete this transaction. The deal represents an exciting opportunity for everyone involved as, together, these businesses can help each other expand into new markets whilst strengthening their presence in existing territories.”

Alisdair Livingstone, corporate partner at Osborne Clarke, said: “We are grateful for the opportunity to work with Rolf and team to help them complete this exciting transaction. The deal shows the continued appetite of US private equity investors for quality UK targets where there is a compelling value proposition.”

Mark Naughton from FRP Corporate Finance was supported by associate director Freddie James, and Alisdair Livingstone from Osborne Clarke was supported by associate director James Mackay, senior associate Hannah Stevens and associate Jay Eng.