Swedish group snaps up Swindon industrial fastening firm
Swindon-based industrial fastening firm Young Black has been acquired by international specialist engineering group Indutrade in a move that will help to secure its future.
Young Black, which employs around 30 people at its base on Radway Road, Stratton St Margaret, will become part of Swedish group Indutrade’s special products division.
Swindon-headquartered regional law firm Thrings advised Young Black on the sale purchase agreement.
Young Black was set up in 1979 by its two owner-directors David Black and Lawrence Young and now has annual sales of around £10m. It sells a wide range of specialist tools and fastening products such as pneumatic tools, compressors, hoses and couplings for a range of industries spanning pallet repair and manufacturing and packaging, to boat and caravan manufacturing and structural timber and lightweight steel fabrication.
Indutrade sells and develops hi-tech components, systems and services through more than 200 subsidiaries in 28 countries. The group has grown rapidly over recent years through a string of acquisitions.
Financial details of the Young Black deal have not been disclosed. David Black and Lawrence Young will continue to work at the firm.
David said: “We are delighted that Young Black will be able to continue to grow under its new owner, and so pleased for our Swindon operation which will be the hub of the business for years to come.
“We really appreciated working with the Thrings team who were instrumental in ensuring that deadlines were met so that the transaction could be completed within a short timeframe.”
Thrings has been advising Young Black for more than 20 years. The deal team was led by corporate partner Simon Hore, with support from commercial lawyer Sadia Ghaffar and commercial property partner Alex Pinhey.
Simon said: “David and Lawrence actively sought our advice when they believed a sale might be on the horizon. This allowed us to begin due diligence work at an early stage and then proceed to completion very quickly once a buyer was found.
“The transaction is great news for the business and will ensure that Young Black’s customers continue to enjoy the same high-quality industrial products and service as before.”
Lawrence Price of Oxford-based corporate finance firm Rockworth also advised on the sale.
Stockholm-based Indutrade, which employs more than 5,500 people, operates six business areas: engineering & equipment, flow technology, fluids & mechanical solutions, industrial components, measurement & sensor technology and special products.
Group sales totalled SEK12.9m (£1.2m) in 2016, generating operating income of SEK1.48m before depreciation of intangible assets.
Original link - http://swindon-business.net/index.php/2017/07/18/swedish-group-snaps-up-swindon-industrial-fastening-firm