Leading manufacturer secures future with sale
T. Freemantle, a leading manufacturer of end-of-line packaging machinery has been acquired for an undisclosed sum by Lifco.
The deal will see Tony Freemantle the founder of the Scunthorpe-based business which supplies manual, semi-automated and fully automated machines to businesses predominantly in the food and beverage industry, retire with sales director Richard Kitchen taking on the role of managing director.
Freemantle said: “I am delighted with the acquisition of T. Freemantle by Lifco and feel that Lifco will be the perfect custodian for the company. The deal delivers excellent value for the shareholders but also importantly a stable and secure future for our valued employees and long standing clients”.
The Swedish headquartered Lifco, is a group of businesses which has a total turnover of SEK 13.9bn and employs 5,400 people. It’s model is to acquire and develop market leading niche businesses with the potential to deliver sustainable earnings growth and robust cash flows and currently has 164 companies operating in 30 countries.
The Camlee Group acted as lead advisors on the deal. Max Perry, associate director at The Camlee Group, said: “We are delighted to have concluded this deal on behalf of the vendors with a buyer who has been able to satisfy the requirements of all shareholders. T. Freemantle is a high-quality business with extremely competent management and fits Lifco’s brief perfectly. I look forward to watching the business go from strength to strength in the coming years”.
Legal counsel was provided to the sellers by Peter Allen and Ryan Brown of Browne Jacobson, with tax advice from Rob Smith at RNS Chartered Accountants. The buyers were provided with legal advice by Oliver Duke of Walker Morris. FDD and Tax advice came from Jeff Gardner and Nick Millward at BDO respectively.
