Lawyers at Pinsent Masons are flying high after completing back-to-back multi-million pound sales of two companies involved in aerospace engineering.
Teams led by Birmingham corporate partner, Paul Harkin, finalised the $120 million sale of Darchem Holdings to New York-listed Esterline Corporation, within days of acting for the management of Doncasters Group on its £700 million sale to Dubai International Capital.
In the Darchem deal, Pin-sent Masons acted for Royal Bank of Scotland Equity Finance.
Coincidentally, RBEF was also the vendor in the Doncasters transaction.
The acquisition of Darchem, a leading manufacturer of thermally engineered components for critical aerospace and defence applications, represents expansion for Esterline, which is a speciality manufacturer serving aerospace and defence markets.
The components produced by Darchem are used in the same markets and include lightweight thermal insulation for exhaust ducting, environmental ducting and heat shields. Pinsent Masons was appointed to advise on the deal following a competitive pitch.
Doncasters, a global leader in the manufacture of precision components and assemblies for the aerospace, industrial gas turbines, specialist automotive, medical orthopaedic and petrochemical markets, operates from 25 sites in the UK, Continental Europe, the US and Mexico and employs just over 4,500 members of staff worldwide.
The management team of Doncasters, led by Eric Lewis, is fully committed to the future of the company and is re-investing alongside DIC.
The sale is subject to certain US and German regulatory approvals with completion expected in 2006. Pinsent Masons advised management on the sale and its reinvestment in the business.
"It's great to end the year on a high seeing two major deals draw to a conclusion," said Paul Harkin, a private equity specialist.
"Our understanding of the precision engineering sector has been invaluable in advising on deals involving companies at the value-added end of aerospace and defence component manufacture.
"I am grateful to all of members of my teams for helping get these two deals away successfully."
The Pinsent Masons team for Doncasters was led by Mr Harkin and included Lee Clifford and Jonathan Snade (corporate), Lisa Parisi (tax), and Joanna Lawson-King and Gemma Walker (property). The Darchem team was also led by Mr Harkin and included Ed Stead, Kimmy Sokhi and Katy Saunders (corporate), Veronica McMahon (tax), Giles Warrington and Amy Hitchen (competition) and Paul Rice (environmental). ..SUPL:
