12th Jan 2017
Rogers & Norton were excited to act for the current management group of Broadland Radiators and Heat Exchangers Ltd in their buy back of the company and business from the Pyroban group, which is part of the giant American Caterpillar Group. A report of the transaction and the benefits it will bring to the company were published in the EDP last week, with a picture of the directors signing the contract at our offices.
Richard Etheridge commented “We only received instructions at beginning of December, but we still managed to complete the purchase of the company before the holidays. Immediately after the initial transaction, we also had to then purchase the business from another member of Pyroban group, together with the assignment of the trademarks to our clients. The seller had a major UK firm acting for them and the completion arrangements were all dealt with by their in house counsel based in Geneva. This in itself caused complications but we still managed to complete before Christmas and my missing the Company’s Christmas lunch was a small price to pay to conclude such an important transaction for my clients.”
Darrell Roper Managing Director at Broadland remarked …”I would like to thank Richard and Jennifer for all of their hard work – particularly given the very challenging timeframe and the added difficulties of negotiating with parties in different time zones. The MBO could not have completed without the expert advice and proactive approach Richard took in dealing with any issues.”