The Birmingham office of a national law firm has advised a listed Malaysian steel pipe and fittings company on a £9.5 million deal to buy a Tamworth manufacturer.
Gateley and advisory firm Grant Thornton advised Pantech Group Holdings on the acquisition of Nautic Steels.
Tamworth based, Nautic Steels manufactures pipe fittings and flanges and specialises in a wide range of materials used in marine and offshore hazardous environments.
Dato’ Goh Teoh Keanoup, group deputy managing director for Pantech Group Holdings said: “This is our first acquisition in the UK and one that supports our strategy to become a global leader in total piping solutions.
“We see this as a fundamental step in enabling us to expand our network as well as our ability to offer pipe fittings for sea water systems to a much wider market.
“We have been impressed by the commercial and pragmatic approach of both Gateley and Grant Thornton in advising us on the legal and financial aspects of this key acquisition and ensuring a smooth and efficient completion on the deal.”
Tom Durrant, corporate partner in Gateley’s Birmingham office led the deal supported by corporate solicitor, Beth Mather and tax associate, Victoria Metcalfe.
He said: “This is an important strategic move in the development of Pantech Group Holdings. The company has a successful 25 year history of supplying piping solutions globally and were listed on the Malaysian stock exchange in 2007.
“This acquisition provides a solid platform for the company to build on its offer in the marine oil industry.”
Simon Clewlow, associate director at Grant Thornton added: “Grant Thornton provided a comprehensive range of services to Pantech, acting as lead adviser as well as providing tax and due diligence services.
“As this was Pantech’s first UK acquisition we were able to add real value in steering the board through the intricacies of UK M&A practice.”