US firm bags Molins subsidiary in £3m deal
The Cambridge office of international law firm Eversheds has advised Milton Keynes based Molins Plc on the £3m sale of its Sandiacre Rose Foxgrove packaging machinery business (SRF).The business, based in Nottingham, UK and Pennsylvania, US, is being bought by subsidiaries of Barry Wehmiller Companies Inc.
The UK part of SRF is being acquired by Hayssen Europe Limited and the US part by Hayssen Inc.
The sale of SRF is conditional on the completion of information exchange and consultation with the UK based employees of SRF, and it is expected that the sale will be completed before the ends of the year.
SRF manufactures vertical and horizontal form fill and seal bagging and wrapping machines, selling mainly to the food sector.
The sale will allow SRF to compete more effectively whilst leaving Molins plc to concentrate on its other packaging machinery companies whose focus is on high value-added engineering solutions.
The Eversheds team advising Molins plc was led by Cambridge based corporate partner Anthony McGurk, with support from Robert Matthews.
McGurk said: “This deal represents an ideal solution for both Molins Plc and Sandiacre Rose Foxgrove as the merged entities will be better able to exploit economies of scale.
“The transaction faced a tight timescale, both in the UK and in the US, and so good project management was vital.”