Advisers seal £27m takeover

Gambit Corporate Finance and a host of local advisers played a key role in the pounds 27 million takeover of Willenhall-based steel firm Niagara Lasalle (UK) by Endless.

Endless, which specialises in turnarounds, purchased the 300-strong Black Country firm from its US parent company Niagara Corporation.

Gambit acted as corporate finance advisers to the deal, with Cobbetts providing legal advice and Eversheds acting for Endless.

HF International Advisers Limited acted as exclusive financial advisers to Niagara Corporation for the sale.

Niagara Lasalle, which provides hot rolled and bright steel bars in engineering steel grades, had a turnover of more than pounds 60 million last year.

Adrian Jones, partner at Gambit Corporate Finance, said the sale showed the strength of the region's industrial sector. "This deal demonstrates that manufacturing continues to be at the core of the UK's economic recovery, and here in the Midlands we continue to lead the way in the UK's manufacturing capability," he said.

"This significant acquisition demonstrates that a more positive sentiment to doing deals definitely exists and we certainly hope that this will continue." The deal team from Endless comprised Nick Leitch, Indra Valeinis, James Woolley and Kerry Swain.

Gambit Corporate Finance was led by Adrian Jones and Andy Charter, with legal advice provided by a Cobbetts team consisting of Adrian Cutler, Darren Walker, Ian Ilersic, Brian Ghatan and Nina Martyres.

Eversheds advised Endless on its investment with a team consisting of James Trevis, Nick Turner, Richard Davies and Harish Sharma.

HF International Advisers Limited (formerly Hatch Corporate Finance) acted as the exclusive financial advisers to Niagara Corporation and Kohlberg & Co for the sale of Niagara UK Niagara Lasalle (UK) chief executive Tarlok Singh said: "This deal represents an ideal opportunity to continue the development of a great business of which I have been in charge for many years.

"I am delighted to secure the long-term future of the company and intend to grow the business both in the UK and via increased exports."

Endless director Nick Leitch added: "Niagara Lasalle has a long-established history within the UK steel sector, providing high quality specialist products. "Whilst manufacturing in the UK has been tough in recent years, it is testament to the skill and determination of the management team and workforce who have successfully steered the company through this period, maintaining a sizeable market share."

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