PwC advises on one of Scotland’s largest transactions for 2008

PricewaterhouseCoopers LLP has advised the existing management of Bodycote Testing Group in one of Scotland’s largest transactions for 2008 – and one of the largest ever in the testing and inspection sector.

The £417 million sale of Bodycote Testing Group by Bodycote plc to global private equity house Clayton, Dubilier & Rice concluded at the end of October.

The firm’s corporate finance team supported the management of Bodycote throughout the deal process, advising on the packages on offer from the bidders and supporting them in negotiations over the management deal.

David Leslie, head of PricewaterhouseCoopers’ corporate finance in Scotland commented:

“This is a hugely significant deal.  In these uncertain times for the deal community, the completion of a transaction of this size is a testament to everyone involved. We are delighted to have advised on one of the largest buy-outs of the year.”

Edinburgh-based Bodycote Testing Group is the global market leader in the materials testing industry. It has grown from a business with no laboratories to now having 130. This growth has been achieved both organically and through acquisitions: it has historically made about 40 acquisitions a year, making it a key driver of consolidation in the testing sector. The business employs 4,000 employees in 26 countries.

Clayton, Dubilier & Rice (CD&R), is a large global private equity house with a history of investing in established, globally diversified brands.  The sale of Bodycote Testing Group attracted wide interest from the private equity community, signalling that there is still demand for high quality businesses with strong growth prospects and operating in niche sectors.

Sean Kerr, head of Testing Europe, and member of the management team involved in the buyout, said:

“We are pleased to have completed this transaction and are excited about taking our business forward under the new ownership of CD&R. PwC provided us with valuable advice throughout the process, consistently bringing a great mix of experience, professionalism, industry knowledge and good humour to the table.”

Contact details
Email: Lynn Hunter
Tel: +44 (0)141 245 2152