Rickitt Mitchell is delighted to announce winning Deal of the Year at the M&A Worldwide Rainmaker Conference in Miami.
The winning deal was the sale of a North West steel fabricator to a US private investment fund.
Rickitt Mitchell is delighted to announce winning Deal of the Year at the M&A Worldwide Rainmaker Conference in Miami. The award was given for Rickitt Mitchell’s confidential sale of a North West steel fabricator to a US private investment fund, a process which coordinated teams from 5 other M&A Worldwide member firms across Europe, the US and China.
M&A Worldwide’s Rainmaker Conference takes place semi-annually and was hosted by Focus Investment Banking LLC in Miami, USA. The convention was attended by US corporate and private equity investors looking to invest outside the US.
Kaine Smith, Director at Rickitt Mitchell, said “We have a long track record of cross-border M&A at Rickitt Mitchell and this latest transaction reflects our network’s ability to find the ‘needle in the haystack’ buyer for a business that had no obvious acquirer. We are also currently seeing significant overseas interest in the acquisition of UK businesses and have generated a number of mandates, particularly from our colleagues in Europe.”
The buyer was chosen following a global marketing exercise as being the best suited to the company’s long term investment and growth aims. The all-cash deal includes an earn-out that is expected to comprise less than 10% of total deal value. The transaction ensures that the business’s succession planning is certain, without requiring the vendors to leave the business.
As a result of the competitive global process created through the M&A Worldwide network, the ultimate purchase price achieved was roughly one third higher than the offers initially received from UK bidders. The terms of the deal were not disclosed to respect the privacy of both the vendors and the purchaser.
The deal sees the existing management team remain in day to day operational control of the business and gives access to significant funding for further expansion.
