Gordons team assists sale of specialist manufacturer
Gordons has advised the shareholders of a leading specialist manufacturing company on its sale.
Corrosion Resistant Products (CRP), based in Littleborough, near Rochdale, was bought by Swedish group Indutrade for an undisclosed sum. CRP makes anti-corrosion fluoropolymer-lined equipment for the chemical, pharmaceutical and associated process industries.
The business, which has about 50 staff and annual revenues of around £10m, has been sold by chief executive Nigel Price and a group of smaller shareholders.
Indutrade has 180 subsidiaries in 26 countries, making industrial components and engineering equipment. The business is listed on the Stockholm stock market and has annual sales of £800m.
CRP sees the purchase by Indutrade as a natural evolution of its business, continuing to preserve and value what has made the company successful, while delivering the financial security of belonging to a larger group.
The acquisition regards Indutrade’s business methods as refreshing and representing an excellent fit for its business, where continuity of approach to customers is vital.
CRP is the latest in a series of purchases Indutrade has made in the UK recently and will now become part of the group’s Special Products business area.
Gordons’ personnel advising CRP shareholders on the sale included partner Jonathan Asquez, solicitor Duncan Firman, tax solicitor Julian Moran and Michael Finnett, a solicitor in the commercial property team.
Jonathan Asquez said: “We’re delighted to have helped deliver the outcome which Nigel and his fellow shareholders wanted, and now wish CRP continued success as part of the Indutrade group.
“This case demonstrates, yet again, Gordons’ ability to put teams together quickly, which then work together with huge effectiveness, providing high quality advice to tight deadlines, so clients achieve their objectives.”