 PKF helps midlands livestock feed specialist to complete acquisition
11 January 2012: A team of Midlands advisors recently advised specialist ruminant nutrition supplement manufacturer Rumenco on its acquisition of Net-Tex Industries Limited.
Birmingham-based PKF partner Malcolm Cook and Geldards' Nottingham based corporate partner Hugh Strickland handled the acquisition. Financing was provided by Lloyds Bank Corporate Markets fronted by relationship director John Clay.
Burton-on-Trent based Rumenco has been supplying livestock farmers in with feed supplements, minerals and nutritional products for over 40 years.
Formed in 1983 Net-Tex Industries Limited supplies a comprehensive range of products to the veterinary and agricultural industry. From its base in Kent the company provides nutrition and animal husbandry equipment products to over 40 countries.
Following the deal, Rumenco and Net-Tex Industries Limited will continue as independent businesses with both companies developing their services and respective product ranges for the agricultural merchant and distribution trade.
Commenting on the deal, Rumenco chairman, Frank Heap, said “There is a very good level of strategic fit between the two companies. Both are successful manufacturers of different but complementary ruminant product ranges. In addition, Net-Tex is active in equine and pet markets.”
Malcolm Cook of PKF said: “The deal makes excellent strategic sense for both parties. PKF and Geldards developed a close working relationship with Rumenco’s management team in order to structure a deal that provides the combined group with a strong platform for continued expansion in the future. The transaction signals an impressive start to the New Year for PKF’s corporate finance team in the Midlands and follows a very strong 2011.”
Geldards partner, Hugh Strickland, who advised on the deal, commented: “Rumenco has achieved outstanding growth in recent year’s thanks partly to its focused export strategy. Net-Tex is a great fit with Rumenco’s existing portfolio and its strong customer base will further strengthen its foothold in the market.”
Ends
For further information, please contact: Andy Konieczko, 020 7065 0537, andrew.konieczko@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk
2. Geldards is one of the country's leading regional law firms with over 300 staff based in the Midlands and Wales providing real financial value through delivery of commercial legal advice from a network of offices based purposely outside London.
www.geldards.com
|