National law firm, Gateley Plc has acted on behalf of the shareholders of the North West based Gledhill companies, on their acquisition by Groupe Atlantic.
The Gledhill companies, consisting of Gledhill Building Products Limited, Gledhill Response Limited, Gledhill Spare Parts Limited, Gledhill (International) Limited and Xpress Cylinder Spare Parts Limited, has operated for more than 70 years in the manufacture and distribution of hot water cylinders, tanks and appliances and the provision of associated maintenance services.
Groupe Atlantic, a French based family owned company, boasts a turnover in excess of €1.3 billion, with over 5,500 employees worldwide and manufacturing plants over Europe and Asia which distribute products to over 100 companies.
The value of the deal remains undisclosed, but it will see the present board members continue in management roles under the new ownership of Groupe Atlantic.
The Corporate team from Gateley’s Manchester office that acted on the deal was led by Corporate partner Charles Glaskie, assisted by Corporate solicitors Leigh Whittaker and Kathryn Hornsby.
Charles Glaskie commented: “The Gledhill companies have a longstanding reputation as market leaders in their field and we’re delighted to have advised the Gledhill family and management team on this successful acquisition by Groupe Atlantic.”
The deal adds to Groupe Atlantic’s recent UK acquisitions of Hamworthy Boilers and Ideal Boilers, highlighting the firm’s commitment to becoming a UK market leader in heating products.
The chairman and co-founder of the Gledhill compaines, Houghton Gledhill, said: “My brother and I are delighted that another family business has acquired ours so that together we can go from strength to strength!”
Gateley Plc made history in 2015 by becoming the first UK commercial law firm to float on the AIM of the London Stock Exchange. In its first half year results since becoming a Plc, the firm announced turnover had grown 10.9 per cent, from £26.7m to £29.6m and profit before tax increased by 11.5 per cent to £2.9m from a pro-forma figure of £2.6m.