Harrison Clark Rickerbys help Tricorn sell subsidiary
Tricorn is a niche manufacturer of pipe and tubing assemblies, supplying worldwide markets in the Energy and Transportation sectors.Tricorn agreed the sale of the trade, certain business assets and liabilities of its subsidiary, RMDG Aerospace Limited (which manufactured and supplied rigid pipes and specific fittings to the aerospace industry) to Sigma Precision Components UK Limited, a subsidiary of Avingtrans plc.
The sale, which completed in August 2014, involved the expertise of various departments at Harrison Clark Rickerbys' Cheltenham office. Richard Wilkey (above), Head of Harrison Clark Rickerbys' Cheltenham Corporate team, led the transaction and was supported by Corporate Solicitor, David Clements. Richard advised Tricorn on the legal aspects of the deal (including negotiation of the sale documentation) and co-ordinated completion of the transaction. Matt Jenkin, Partner in the firm's Employment team, advised on the transfer of the 29 UK employees of RMDG to Sigma. Mark Carter, Partner and Head of Property Finance at Harrison Clark Rickerbys, dealt with negotiations on the transfer of the lease of the RMDG premises to Sigma.
The sale is good news for Tricorn, which has around 400 employees, allowing it to focus on the Transportation and Energy sectors where it has recently enhanced its scale and global reach, through three brands: Malvern Tubular Components; Maxpower; and Franklin Tubular Products.
Richard Wilkey commented: "We have a strong relationship with Tricorn, having first worked together in 2011. We were delighted to advise on the corporate, employment and property aspects of the sale. The deal will allow Tricorn to focus on its core businesses going forwards and to continue to strengthen its position in the market place."
Mike Welburn, Chief Executive of Tricorn, said: "We have been delighted with the progress that Tricorn has made in developing its Transportation and Energy businesses over the last 18 months, and the sale of RMDG allows us to focus on these key areas where there is further opportunity for growth."
Phil Lee, Finance Director of Tricorn, added: "It was good to work with the Harrison Clark Rickerbys team again in getting this important transaction completed on the right terms and in good time."
The sale comes during a period in which Harrison Clark Rickerbys has seen an increase in the number of transactions that the corporate team have concluded.
Richard Wilkey commented: "From April to August the Harrison Clark Rickerbys' corporate team has completed approximately 50 corporate deals, mainly in the M&A and private equity sectors. The team remains very busy with a significant number of opportunities in the pipeline, demonstrating that the market continues to gain confidence, that said transactions are still taking a long time to complete! The team remains optimistic for the remainder of this year and next."
