Swinburne Maddison LLP (Swinburne Maddison), Durham City's preeminent law firm, and one of the leading law firms in the North East, has advised Teescraft Engineering Limited (Teescraft) on the acquisition of the entire issued share capital of LH (Quarry Plant) Limited for an undisclosed sum.
The deal, which also included the acquisition of Baxter Crushers Limited, as a wholly owned subsidiary of LH Quarry Plant, drew on the expertise of the corporate, commercial and employment teams at Swinburne Maddison.
The opportunity to acquire LH Quarry Plant came about because majority shareholders and brothers, Nick and Phil Caswell, were looking to retire. The business which employs 40 staff was established in 1968 by their father and has a turnover of around £5m.
Teescraft, has built up an enviable reputation for its precision components for power-related applications. Rob Yorke, managing director, believes that the acquisition will complement and expand the firm’s current portfolio of companies. He said: “LH Quarry Plant has a history of building on success to expand and diversify, meeting new industry challenges head on and investing heavily in the business over the years to improve efficiency and meet customer demand. We envisage a truly great future for the combined group.
"Not only did this deal give us scope to draw upon the wide range of expertise at our disposal, but it is a clear indication that experienced M&A services are available within County Durham."
Martyn Tennant, Partner, Swinburne Madison LLP“The team at Swinburne Maddison have done a tremendous job for us and have provided wise counsel at every stage of the transaction, which, with their help, has progressed very smoothly.”
The deal was led by partner, Martyn Tennant, head of corporate and commercial, who added: “We were particularly pleased to have been recommended to Teescraft to undertake this important and strategic acquisition.
“Not only did this deal give us scope to draw upon the wide range of expertise at our disposal, but it is a clear indication that experienced M&A services are available within County Durham.
“We hope this transaction is only the first of many instructions we receive from Teescraft as it continues to expand and diversify its business and we wish them all success in the future.”
Clive Owen LLP, the regional firm of chartered accountants and business advisers, acted on behalf of Teescraft. BHP Law acted for the shareholders of LH Quarry Plant.
