Precision engineering business sold by founders

PRECISION engineering company Chenalord has been sold by its founding shareholders to Hornell Holdings.

The corporate team from Sheffield’s Taylor&Emmet advised the shareholders of Chesterfield-based Chenalord on the sale.

Chenalord was established in 1982 and is now a global supplier of products used in the drilling and quarrying industries, including adapters, shock absorbers and hammer spares.

Taylor&Emmet’s Peter Crawford, a specialist in corporate finance, led the deal after being referred to the Chenalord shareholders by accountants, Hewitt Card in Mansfield. Funding for the transaction was provided in part by Barclays Bank.

Mr Crawford commented: “It was a pleasure to assist the Chenalord shareholders in this transaction. They have spent 27 years building the company and it is very satisfying to help realise that hard work. Taylor&Emmet is enjoying a growing reputation for its corporate deals and it is gratifying to have our skills recognised and recommended by the companies we work with.”

Keith Allen, one of the founding Chenalord shareholders, will remain with the company to help the buyers grow the business further. He said: “Concluding any transaction in the current climate is challenging and Taylor&Emmet’s pragmatic, capable advice was key to the success of this deal.”

Jenny Hormell, a director of Hormell Holdings, added: “As the former owners of Hormell Engineering and Ground Source Solutions, we have gained more than 25 years experience in the drilling industry. Under our management, Chenalord will be moving to purpose-built premises and we will be investing in new machinery, to increase production and develop new product lines.”

The Chenalord exit is one of a number of transactions handled by Taylor&Emmet’s corporate team over the last few months.