The corporate finance team at accountancy and business advisory firm BDO LLP in Manchester has advised Chorley-based Beldam Crossley Ltd (“BCL”) on its sale to Swedish industrial group, Indutrade.
Led by M&A partner Ruth Percival, the BDO M&A team included assistant director Michael Bradbury and senior manager James Gregson.
Ruth Percival, M&A partner at BDO LLP in Manchester, said: “The deal between BCL and Indutrade is a prime example of the confidence international investors have in the UK economy. The majority of the deals we are working on in the North West involve global companies as overseas investors and corporates are actively seeking acquisitions in the North West due to the region’s reputation as a center of innovation and technological excellence.”
BCL is a manufacturing and engineering business with an international reach offering high value niche sealing products to global OEMs. BCL’s solutions-led, innovative approach has led to the development of a host of market leading, proprietary products. A number of these, such as its high temperature seals, are often specified by leading OEMs on many of their projects.
The transaction is the fourth deal this year by the acquisitive Swedish industrials group, Indutrade, which has acquired more than 100 companies in the last decade. Indutrade targets niche technology companies with proprietary products in countries with a strong trading tradition such as the UK. BCL will continue its innovation and product development as an independent subsidiary within the Indutrade group of companies.
The BDO M&A team was assisted by the BDO Pensions Advisory Team, led by John Hubbleday and including Matthew Gibson and Steven Roberts.
John Hubbleday, Head of BDO’s Pensions M&A Team, said: “The fact that BCL sponsored a Defined Benefit pension scheme added a layer of complexity to this transaction. Through the introduction of a professional Independent Trustee and a clear and transparent dialogue with all stakeholders, including the Pensions Regulator, we were able to navigate through the complexities of the transaction and structure a deal which improved the covenant provided to the pension scheme.”
North West professionals on the deal included lead advisers BDO and law firm DLA, which acted for the vendor. The value of the deal is undisclosed.
