PwC’s Yorkshire Transaction Services team complete three transactions in three days

PwC’s Yorkshire Transaction Services, working with and supported by colleagues from across the North’s deals teams, has announced the completion of three transactions in the space of three days!    

The first of which has seen the provision of buy-side financial due diligence to Severfield Plc on its acquisition of Bolton-based Harry Peers & Co in a deal worth up to £25m.

Established in 1933, Harry Peers & co. specialise in the project management, design, fabrication and erection of structural steelwork contracts within the nuclear, petrochemical, process, and pharmaceutical industries.

Will Oxley and Ben Ferguson, from PwC’s Transaction Services team, were supported by Ben Davison, Peter Wright and Olivia Whitham on FDD with the Tax due diligence undertaken by Nicola Turner and Andrew West.

In the completion of the second transaction, PwC provided buy-side financial due diligence to Tokyo based Sumitomo Heavy Industries, Ltd., on its acquisition of Invertek Drives Limited in a deal worth up to £100m.

Invertek Drives is a leader in the design, manufacture and distribution of variable frequency drives used to control motors in a wide variety of industrial, commercial and energy saving applications. Headquartered in Welshpool, Wales, the business employs over 240 people and exports over 90% of its products to more than 80 countries.

Will and Ben were supported by Charlotte Hedar and Tom Parry. PwC also provided tax due diligence services (Nick Woodford and James Pennock) and SPA services (Trevor Milne and Patrick Mack).

In the third transaction PwC provided buy-side financial due diligence to Polypipe Group Plc on its £14m acquisition of the Alderburgh Group of companies.

Headquartered in Doncaster, Polypipe is a leading provider of sustainable water and climate management solutions for the built environment. The acquisition of the Alderburgh Group, a leading designer, manufacturer and installer of plastic injection moulded stormwater attenuation tanks and other similar products, broadens Polypipe's water management systems offering and boosts the Group’s ‘one-stop shop’ strategy.

The PwC team was led by Will Oxley with support from Sophie Lewis and Alex Ho. PwC also provided tax due diligence services (Simon Viner, Usman Choudhary and Abdullah Bhana) and SPA services (Trevor Milne and Xinyu Zhao).

Will Oxley, PwC’s Transaction Services partner, commented;

“The completion of all three transactions not only demonstrates the team’s breadth and depth of capabilities across the Industrial Products and Services sector they also provide a fantastic example of great collaboration across our teams to get the deals over the line in such a short space of time.”

Will added;

“Harry Peers & co is a company with a great historical standing in a specialist, highly regulated market. The transaction will extend Severfield’s current capabilities into attractive, complementary market sectors and will enhance its position as the UK’s broadest structural steel services group.”

“This is an exciting time for Invertek having recently celebrated its 21st anniversary and completing its global manufacturing and distribution centre. This acquisition will expand both SHIs' portfolio and global market reach as well as further strengthening and expanding its business by integrating new technologies, specifically in the areas of electric motors and VFDs.”

“We are delighted to have supported Polypipe on another transaction, this being the third acquisition that we have worked on for them in the past 12 months, as the Group continues to expand its water management solution capabilities.”

 

Will Oxley

Will Oxley, PwC Transaction Services Partner

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