East Mids advisers engineer Kilbride deal
Three East Midlands firms have advised the multimillion-pound sale of Devon-based Troy. The sale, to entrepreneur Paul Kilbride, was overseen by the Nottingham offices of HBJ Gateley Wareing, Cooper Parry and RSM Tenon.
Troy, a wholesaler of tools and industrial supplies to the engineering, construction, and allied industries markets, has an annual turnover of more than £35m.
New owner Paul Kilbride owns several tooling companies across the UK, including global carbide cutting tooling manufacturer, Eurogrind. In July 2010, Kilbride also completed the purchase of Swansea-based BAW Precision Tooling.
Former Troy shareholders were advised by John Bryant and Sally Saunders of Cooper Parry Corporate Finance in Nottingham.
Bryant said: “Whilst the business is based in Devon, the deal was advised almost exclusively from the East Midlands and demonstrates the strength of the region’s professional community and quality of advice provided.”
Paul Bevan and Graeme Gladstone from RSM Tenon and Mark Rutherford from HBJ Gateley Wareing acted for the purchaser.
Gladstone said: “To pull off an MBI in the current economic climate highlights the determination and skills of the adviser and funder community here in the Midlands. Troy (UK) represents an excellent opportunity for Paul Kilbride and I’m sure he’ll be able to leverage his existing businesses and contacts to take Troy to the next level.”
HBJ Gateley Wareing partner, Mark Rutherford, said: “We were delighted to have been involved in this deal. It is the sixth transaction we have completed for Paul Kilbride and the second this year. All the advisers pulled together to get what was a technically difficult deal over the line.”
