The £27m acquisition of a Willenhall engineering firm, advised by Gambit Corporate Finance LLP and backed by Endless LLP and GE Capital, has been selected by an independent panel of judges as TheBusinessDesk.com’s Deal of the Month for January 2011.
TheBusinessDesk.com has joined forces with Birmingham Forward to celebrate the region’s deals and dealmakers. The Deal of the Month award is bestowed on the MBO, IPO, takeover, financing or restructure that in the opinion of the judges shows the best combination of regional involvement, creativity and impact.
Judges said the deal which resulted in the acquisition of Niagara Lasalle (UK) Ltd represented “the best of Birmingham from one end of Colmore Row to the other”.
The deal was largely advised in the West Midlands, with the involvement of Gambit Corporate Finance, Wragge & Co, Cobbetts and Eversheds.
Niagara Lasalle, which employs more than 300 people and operates from six processing and distribution operations throughout the UK, was acquired from its US parent Niagara Corporation
Niagara provides hot rolled and bright steel bars in engineering steel grades and has approximately 5,000 customers across the UK, Europe and North America ranging from major automotive OEMs to general manufacturers and specialist engineers. Turnover in 2010 was more than £60m.
GE Capital provided facilities to support both working capital and acquisition funding. The investment represents the 12th deal from Endless LLP’s Fund II and its sixth investment in the Midlands.
Adrian Jones, Birmingham Partner with Gambit Corporate Finance said, “It is fantastic to achieve the recognition that this deal so richly deserved. With many worthy deals completing in the region at the beginning of 2011, it is testimony to the judges for recognising an excellent manufacturing deal in the Midlands”
Adrian Cutler, a partner in Cobbett’s corporate legal team, said: "In a challenging environment we were very happy to work with Tarlok Singh, CEO of Niagara Lasalle, Gambit, Endless and GE to make this deal happen. We look forward to continuing to work with Niagara in what promises to be an exciting and successful future."