PM+M acts for Lesjöfors AB in Metrol Springs deal
The corporate finance team at PM+M has acted on behalf of Lesjöfors AB on its acquisition of Metrol Springs Ltd. The value of the deal has not been disclosed.
Metrol is a leading manufacturer of tooling gas springs, special purpose gas springs, and gas struts. Over the years, it has enhanced its product offering with the addition of linear actuators and a constantly expanding range of industrial hardware.
Metrol serves the industrial and automotive sectors and has a customer base that spans the UK, Europe, the US, and Asia. It has annual revenues of £7million of which approximately 40 percent are exports to more than 20 countries. The company is based in Northampton and Lesjöfors has also acquired the real estate on which the manufacturing plant is located through shares in Nitro Springs Manufacturing Ltd.
Lesjöfors AB is a subsidiary of Swedish listed Beijer Alma AB and PM+M acts for all its UK subsidiaries. The team at PM+M, which was headed up by corporate partner Jim Akrill, handled financial due diligence matters and led all corporate finance advice through to completion.
Jim Akrill – corporate finance partner at PM+M – said: “We have acted for the UK subsidiaries of Lesjöfors AB for many years and have advised the business on its previous acquisitions. This deal was once again well considered strategically, and I am sure Metrol will go from strength to strength under Lesjöfors’ ownership.”
Nicholas Fielden, head of corporate at FMGS Law, who advised Lesjöfors on legal matters, stated: “We were delighted to assist Lesjöfors in this transaction having advised parts of the UK operation for some time. As with all deals this one had its challenges but all concerned were constructive in their approach and focussed on achieving the desired common end point.”
Lesjöfors president, Ola Tengroth, also commented on the transaction: “I look forward to supporting the development of Metrol going forward along with its strong management team, which is now fully integrated within Lesjöfors.”
Metrol’s principal owners, Andrew Marks and Robert Lamb, and directors Paul Hynes and Chris Pegram, added: “We are incredibly happy for the company to become a part of a group that has a global market presence with extensive knowledge of our business concept and ethos.”