Birmingham-based deal-makers from Cattaneo and Grant Thornton have advised on the sale of Telford-based fishing brand Preston Innovations to Zebco Brands of the US for an undisclosed sum.
Preston Innovations is a match fishing brand and has a growing presence in the coarse, carp and bait segments of the market with its brands Korum, Avid Carp and Sonubaits.
The business, which has turnover in excess of £17 million, is growing rapidly on the back of strong growth in Europe including through Primo, its Dutch distribution business.
Birmingham-based Cattaneo was appointed by Prestons in February this year to identify potential purchasers and subsequently approached a number of leading industry players across the globe.
Zebco retained the Birmingham office of Grant Thornton as lead corporate finance adviser and to provide financial due diligence on the transaction. Freeths was retained by Prestons to advise on the legal aspects of the sale.
Zebco, based in Oklahoma, is the fishing tackle business of Georgia-headquartered WC Bradley Co group, a multi-brand supplier of consumer goods.
Zebco had been looking to add to its European business and the strong fit between the businesses was a key factor in bringing the deal together.
David Preston, founder and sole shareholder in Prestons, said: “I am extremely proud of the business we have built, but felt we had reached a size and complexity which were better suited to a new owner who could exploit the clear growth potential of Prestons in Europe and beyond.
“Zebco is a strong international player which has a desire to expand the business in the UK and Europe and which has access to the capital to realise the potential in the business.”
Charles Cattaneo of Cattaneo said: “Zebco and WC Bradley are sizeable businesses with the financial strength to really accelerate the growth of the Prestons brands and we are delighted to have concluded a deal.”
Maria O’Donnell, associate director in Grant Thornton’s advisory team in Birmingham, said: “This was WC Bradley/Zebco’s first acquisition in the UK so a vital element of Grant Thornton’s role included using our experience in deals involving US-based acquirers to advise WC Bradley on the nature and practices of UK vendors.”
The Cattaneo team comprised Charles Cattaneo and Martyn Pilley and Zebco was advised by Maria O’Donnell and Peter Evans (corporate finance) and Alex Hyde (due diligence) of Grant Thornton.