Corporate finance firm advises on sale of engineering group

Tom McCarthy
X The Business Desk

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Birmingham corporate finance firm Orbis has advised on the sale of a West Midlands engineering group to a US firm.

Wolverhampton-based HL Smith Transmissions, an independent remanufacturer of heavy-duty commercial vehicle drivetrain and steering systems, has been acquired in an undisclosed deal by Michigan-based ATC Drivetrain.

The new owner, whose UK operation is based in Cannock, said the buyout would strengthen the group’s market position and broaden the scope of its products and services.

Orbis led the transaction, generating offers for the business from interested parties in the UK, continental Europe and the USA.

Legal advice to HLS was provided by Richard Griffiths, John Heaton and Rebekah Hobbs of Higgs.

Tom McCarthy, director at Orbis Partners, said: “It has been an absolute pleasure working with Russell and we are delighted to have found the right owner to build on the Smith family’s legacy. The deal again demonstrates Orbis’ international reach and ability to generate both UK and overseas buyers.”

Richard Griffiths, head of corporate at Higgs, said: “We are very pleased to have helped Russell and his family with the sale of their business.  Working closely with the team, we were able to conclude a smooth and timely transaction.”