Facebook - Shropshire Business Twitter - Shropshire Business LinkedIn - Shropshire Business
https://www.dm-recruitment.com https://www.myappuccino.com

£100m deal for Welsh manufacturer

Shropshire law firm Aaron & Partners has played a lead role in finalising one of the biggest international deals in the Mid Wales region's history.

Japanese-listed global manufacturer Sumitomo Heavy Industries (SHI) has finalised a landmark £100m deal to acquire Welshpool-based Invertek Drives Ltd.

The company, which employs more than 240 people from its headquarters in Powys, Wales, was established in 1998, and  manufactures variable frequency drives (VFD) that are used to control electric motors in a variety of industrial, commercial and energy-saving applications. The company's products are sold to customers in more than 80 countries worldwide.

The agreement will see the entire issued share capital of Invertek acquired by SHI, and lead to significant investment in its growth and development in Mid Wales. The deal was completed with the support of Shropshire-based law firm Aaron & Partners, which acted on behalf of the shareholders at Invertek.

Stuart Scott-Goldstone, head of corporate and commercial at Aaron & Partners, said: "We're delighted to see this acquisition finalised having worked very closely with the shareholders at Invertek throughout the process from start to finish.

"This is one of the largest deals we've worked on at Aaron & Partners, but it's also a significant deal for the region – we believe it's one of the largest international deals to have taken place in the Mid Wales area in recent times.

"The deal also reflects the dedication, vision and ambition of the management team at Invertek. It’s a company that is already a recognised and well-established global leader in its field but now, under the ownership of SHI, the firm has a fantastic opportunity to build on its success and further enhance its reputation.”

Aaron & Partners worked alongside accountants from Whittingham Riddell on behalf of Invertek Drives. Legal advice for SHI was provided by Jones Day, PwC supported the acquisition with financial due diligence services, and GCA Altium advised SHI on the acqusition.

Charles Haspel, operations director at Invertek Drives, said: "We’re very pleased to see this deal concluded and we’re excited about the future of the company in Mid Wales with the power of the SHI resources now behind us.

“The legal and professional services support we’ve received has been first-class and helped to facilitate a smooth and seamless transition. We’ve also retained our management team as part of this deal, so now that we’ve cleared the final hurdle with international competition clearance, we’re looking forward to pushing the Invertek brand into new markets and territories.” 

Pictured: Invertek shareholders, Aaron & Partners and Whittingham Riddell

https://www.mcconnel.com

Shropshire Business LIVE! is returning

Have you booked your place yet for November 28th?

10th October 2019

Accountancy partnership expands

Whittingham Riddell appoints two new partners

6th February 2017

Beauty business signs multi-million pound overseas deal

Skincare products will now be exported to China

21st January 2019

Businesses receive digital tax advice

Accountants support thousands of local companies

16th September 2019

Shropshire firm flies the flag overseas

Morris Site Machinery tours Japan, Australia and New Zealand

23rd July 2019

Jacki made partner at accountancy firm

Whittingham Riddell reward long-standing employee

23rd June 2017

IIP gold for acountants

Whittingham Riddell delighted to retain standard 

28th February 2017

Paul Bennett

Professional practices & employment partner, Aaron & Partners LLP

3rd April 2018

Accountants launch new department

Whittingham Riddell reveals new HR service

30th October 2016

Man from the Bank of England visiting Newtown

Monetary Policy Committee member to meet businesses

8th May 2018

Multi Fan Systems acquires Birmingham firm

Telford business continues growth plans

1st November 2017

Autumn Budget: Business hopes - and fears

What's in store for Shropshire businesses this month?

5th October 2018

Austerity coming to an end . . . but discipline remains

Shropshire accountant analyses the Chancellor's 2018 budget

29th October 2018

New partner has farming brief over the border

Tom eager to help firms through 'challenging' times

9th April 2019

New director at Whittingham Riddell

Emma returns from Down Under

21st March 2019