Engineering group completes £50m reverse takeover
Engineering group Avingtrans has completed a £50m acquisition deal part-advised out of Birmingham.
The group, which has several operations in the West Midlands, has completed the reverse takeover of Hayward Tyler Group in an all share deal.
The acquisition creates a global business with more than 750 employees and revenues of around £90m per annum, servicing the energy, medical and Big Science industries.
Ewan Lloyd-Baker, chief executive of Hayward Tyler Group has stepped down from his role following the acquisition, but will take up a role as non-executive director on Avingtrans’ board.
Steve McQuillan, CEO of Avingtrans, said: “We’re delighted that the acquisition has been completed and excited by the potential of the enlarged business.
“The acquisition fits perfectly with our buy and build strategy in regulated engineering niche markets where we can increase shareholder value over the medium to longer term.”
He said her believed the enlarged group would now become a market leader in key sectors across the global energy and medical markets.
Hayward Tyler’s businesses specialise in designing, engineering and manufacturing motors, pumps, compressors and steam turbine generators for applications across the power, oil and gas and nuclear sectors. Its multi-million pound Centre of Excellence in Luton is home to the world’s most-advanced facility for motor manufacture and also provides R&D and training facilities. The group operates from facilities in the UK, USA, China and India.
Birmingham law firm Shakespeare Martineau acted as advisor to Avingtrans on the deal – the 14th deal in 11 years that the two companies have worked on together.
It supported Avingtrans on all aspects of the acquisition – acting on the group’s behalf in relation to the recommended offer and the re-admission of the enlarged group to trading on AIM.
Keith Spedding, partner at Shakespeare Martineau, headed the advice team.
He said: “It is refreshing to see a business act with such conviction in a time where many others are afraid to do so.
“From working with the senior management team at Avingtrans for so long, we have been able to support their strategic objectives with greater insight into their long-term goals. We take real pleasure in forming such long-standing, committed relationships with clients and we will watch Avingtrans’ movements over the coming year with a great deal of anticipation.”
