Endless acquires Black Country engineering firm for £27m
A WILLENHALL engineering firm has been bought for £27m by Endless LLP in the turnaround specialist’s second major acquisition in as many days.
Niagara Lasalle (UK) Ltd was acquired from its US parent Niagara Corporation by Endless for £27m, the day after the firm acquired £100m turnover outsourcing specialist Liberata for £20m . The deal was largely advised in the West Midlands, with the involvement of Gambit Corporate Finance, Wragge & Co, Cobbetts and Eversheds.
Niagara Lasalle employs more than 300 people and operates from six processing and distribution operations throughout the UK. The group provides hot rolled and bright steel bars in engineering steel grades and has approximately 5,000 customers across the UK, Europe and North America ranging from major automotive OEMs to general manufacturers and specialist engineers. Turnover in 2010 was more than £60m.
GE Capital provided facilities to support both working capital and acquisition funding. The investment represents the twelfth deal from Endless LLP’s Fund II and its sixth investment in the Midlands.
Nick Leitch (left), Endless’s Birmingham-based director said: “Niagara Lasalle has a long established history within the UK steel sector, providing high quality specialist products. Whilst manufacturing in the UK has been tough in recent years, it is testament to the skill and determination of the management team and work force who have successfully steered the company through this period, maintaining a sizeable market share.”
Tarlok Singh, Chief Executive of Niagara Lasalle (UK), said: “This deal represents an ideal opportunity to continue the development of a great business of which I have been in charge for many years. I am delighted to secure the long term future of the company and intend to grow the business both in the UK and via increased exports.”
Adrian Jones, Partner at Gambit Corporate Finance, said: “This deal demonstrates that manufacturing continues to be at the core of the UK’s economic recovery, and here in the Midlands we continue to lead the way in the UK’s manufacturing capability. This significant acquisition demonstrates that a more positive sentiment to doing deals definitely exists and we certainly hope that this will continue.”
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The deal team from Endless LLP comprised Nick Leitch, Indra Valeinis, James Woolley and Kerry Swain. Corporate finance advisers to the acquisition were Gambit Corporate Finance led by Adrian Jones and Andy Charter, with legal advice provided by Cobbetts; Adrian Cutler, Darren Walker, Ian Ilersic, Brian Ghatan and Nina Martyres. Eversheds advised Endless on its investment; James Trevis, Nick Turner, Richard Davies and Harish Sharma. GE Capital were led by Drew Johnson and Paul Edmeades and were advised by Wragge & Co, led by Paula Laird. HCF International Advisers Limited (formerly Hatch Corporate Finance) acted as the Exclusive Financial Advisers to Niagara Corporation and Kohlberg & Co for the sale of Niagara UK.
