Taylor Wessing advises Avery Weigh-Tronix on €123m sale to European Capital
A team from Taylor Wessing's Inward Investment and Private Equity groups has advised Avery Weigh-Tronix Holdings Inc on the sale of the entire share capital of Avery Weigh-Tronix Holdings Limited to European Capital SA SICAR. The total value of European Capital's investment was €123m comprising equity, senior term debt and senior subordinated debt.
Avery Weigh-Tronix, a holding company owned by an investor group led by Boston-based private equity house Berkshire Partners and headquartered in Birmingham, is a global leader in the design and manufacture of weighing equipment and solutions to industrial and retail customers. It markets and services its products in over 80 countries, and traces its roots back to 1731.
Taylor Wessing has acted for Berkshire Partners and for Avery Weigh-Tronix since 1998. Corporate partner Paul Webb commented:
"We were delighted to represent the investors on the realisation of their investment in the Avery Weigh-Tronix Group. The transaction involved our UK and French offices, and called for co-ordination of input across a number of European jurisdictions."
The Taylor Wessing team included Paul Webb, Matthew Stratton, Anna Suchopar and Denise Eastlake (corporate), Martin Yells and Emma Rowland (finance), Paul Lawrence and David Weir (real estate), Leigh Lisk (tax), David Brooks (intellectual property), Gemma Lane (employment), Mark Smith (pensions) and Peter Willis (competition).
The sellers were also advised by Weil Gotshal & Manges (Boston office) in relation to US issues, and by Robert W. Baird Ltd as financial adviser. DLA Piper Rudnick Gray Cary advised European Capital, and Hammonds advised the management team.
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For more information please contact Taylor Wessing's Media Relations on 020 7300 4925 / 4930 or email c.treacy@taylorwessing.com
In January 2005, Taylor Wessing advised the Avery Weigh-Tronix group in relation to the refinancing of its existing debt facilities. At the same time, Taylor Wessing advised in respect of the group's global restructuring designed to effect a more tax-efficient alignment between revenue flows and debt service expense.
In March 2002, Taylor Wessing (then Taylor Joynson Garrett) advised the Weigh-Tronix group on the sale of its Salter Housewares business to Salter Group Limited, a newco established by management and backed by Barclays Private Equity. The deal involved total funding of £18 million.
Taylor Wessing is a leading law firm providing legal support for commercial organisations doing business in Europe. Based in Belgium, France, Germany and the UK, Taylor Wessing provides the full range of legal services to major corporations and growing enterprises. Taylor Wessing boasts a strong reputation in the corporate, finance and real estate sectors alongside in-depth experience across the full range of legal services including intellectual property and technology, tax, litigation & dispute resolution, employment & pensions and private client. www.taylorwessing.com
Avery Weigh-Tronix is one of the world's largest manufacturers and suppliers of weighing equipment and solutions. The group brings together a number of historic companies and brands in the weighing business, including Avery, Berkel, and Salter Brecknell, and develops innovative weighing solutions in the retail and industrial sectors. The group has operations in Europe, USA, Africa and Asia, and draws on research, product development, manufacturing, sales and service resources, which employ more than 4,200 people nationwide. www.averyweigh-tronix.com.
European Capital is a buyout and mezzanine fund with capital resources of €1.1 billion ($1.3 billion). European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and mid-sized public companies. European Capital generally invests from €5 million to €125 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalizations.
