Cramlington-based HTL Group acquired by Enerpac Tool Group
North East commercial law firm, Square One Law and leading accountancy firm MHA Tait Walker have advised the shareholders of North East manufacturer HTL Group in the sale of the company to Enerpac Tool Group, a premier US-based industrial tools and services company listed on the NYSE.
HTL Group, based in Cramlington, is the UK’s leading provider of controlled bolting products and services. It also has operations in Great Yarmouth, Scotland, Europe and Australia.
HTL Group capabilities also include a strong rental business as well as calibration and repair and training services. The acquisition of HTL is aligned with Enerpac Tool Group’s strategy in becoming a pure-play Tools and Services company and expands its portfolio of bolting products as well as its global rental offering.
Paul Storey, Group Managing Director said: “This was a significant transaction for the shareholders of HTL Group and one we could not have completed without the advice and support of our long-standing advisers, Square One Law and MHA Tait Walker. Their advice and support have been invaluable in expertly guiding us through what is for the shareholders an unfamiliar process. I am now looking forward to being involved in the new chapter for HTL Group under the stewardship of Enerpac building on, the growth we have already achieved at HTL.”
Mark Lazenby, head of corporate at Square One Law said: “It has been our privilege to work with HTL Group for a number of years and I am delighted that we have been able to continue to advise and support the shareholders in achieving a successful closing of the transaction. HTL Group is a great example of the high-quality engineering expertise that exists in the North East and I am sure it will be a valuable addition to Enerpac Tools Group’s international business.”
Square One Law team was led by Mark Lazenby, head of corporate and included corporate partner, Ashraf Ali and solicitor, Hayley Davidson.
Michael Smith, MHA Tait Walker, Corporate Finance said: “We were delighted to work with the shareholders to ensure they achieved the best deal for their business whilst maximising shareholder wealth. We would like to wish the team all the best for the future as they move forward in an exciting new chapter for HTL Group.”
MHA Tait Walker provided expert advice through its corporate finance and tax teams led by Michael Smith of Corporate Finance, together with Graham Dotchin, Associate Partner and Head of Data Insight, Lucy Elliot, Associate Director Corporate Finance, Adrienne Paterson, Tax Associate and Oliver Williams, Corporate Finance Executive.