The corporate team in the Nottingham office of Gateley Legal has advised United Tooling Solutions (UTS) on the acquisition of three businesses to support its UK growth strategy.
UTS, a subsidiary of Troy UK Ltd, have paid an undisclosed sum for the three businesses, which includes Lancashire-based Barnes JB Limited, Glasgow-based A B T Machine Tools & Tooling Limited as well as West Midlands-based Kalem Limited (the holding company of Howard Lee & Son Limited).
Over recent years, acquisitions along with organic growth has made UTS a leading Industrial Supplies and Consumables distributor to the precision engineering and manufacturing industries.
Gateley Legal also advised on the refinancing of UTS by securing funds and working capital from Shawbrook Bank.
Corporate partner at Gateley Legal, Mark Rutherford, led on the deals with support from solicitor Emily Driver. Mark said: "We are pleased to have advised UTS on these deals and secured an earn-out based on the extra sales generated from Covid-19. Despite all the uncertainty surrounding the pandemic, which undoubtedly had an impact on counter sales, each business has continued to perform well with online sales bucking the trend. It goes to show that for some businesses this is an opportune time for deals."
Chris Taylor, finance director at UTS, commented: "In line with our strategy we continue to seek out compatible acquisitions that provide a great opportunity for our people, our businesses and our customers. The reputation of each business will further strengthen our best in class customer service, national geographic footprint and distribution network throughout the UK."
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