Metals group company sold to Americans
Metals UK Group, based in Blackburn, Lancashire, has been acquired by A.M. Castle & Co in a significant deal that will enable the US parent to expand its offer in Europe.
Metals UK Group is one of Europe’s fastest growing metal companies and distributes and processes speciality metals for the oil and gas, aerospace and petrochemical markets worldwide.
Metals UK Group with 5 trading companies, will post sales of approximately £35 million for the 2007 financial year, has four processing plants; three in England, and the other in Bilbao, Spain.
The current management team will remain in place, led by Ian Griffiths, founder and Chief Executive of Metals UK Group.
Ian Griffiths said: “Castle is the right partner to accelerate our growth. Our team is excited to be a part of helping Castle to become the foremost global provider of specialty metals and supply chain expertise.”
Ian Johnson and Meera Parmar of Manchester-based Cowgill Holloway Corporate Finance advised the management team on the deal.
Ian Johnson, corporate finance partner at Cowgill Holloway commented: “We have worked with Ian Griffiths and the team for a number of years, having advised them on the initial set up of the business. Since then we have assisted Metals UK Group in its buy and build strategy, which has resulted in the group becoming at an attractive acquisition target within the industry. We are delighted in the outcome for our client and are confident that the business will continue to perform well with the support of its new owner.”
Tony Harper and Claire Swarbrick, at Manchester-based Brabners Chaffe Street LLP, provided legal advice to the management team.
The information was correct at time of publishing but may now be out of date.