Shakespeares acts for US firm on UK disposal

A TEAM from law firm Shakespeare’s Birmingham office has advised US corporate Cardone Industries on the sale of its European activities in the UK and Belgium.

Having originally advised the family-run firm – a world leader in the automotive parts and remanufacturing industry – on the strategic acquisition of its UK-based operations in 2008, Gary Davie, corporate finance partner at Shakespeares, was invited to act on the subsequent disposal of its European business activities.

Cardone Industries’ car part manufacturing businesses in Wednesbury and Belgium have been sold to Car Parts Industries, part of Denmark’s Borg Automotive A/S, for an undisclosed sum.

Davie said: “This was a complex international transaction involving parties spanning North America and three European countries. After acting for Cardone Industries on its acquisition in the UK nearly four years ago, we were delighted to be invited to support them once more in these strategic disposals.”

Peter Calo, executive vice President of global business development at Cardone Industries and director of Cardone – Belgium & UK, added: “The sale process of these European businesses was professionally managed and completed in a short and critical timeframe.”