18th July 2017
The Swedish group, which is listed on the Stockholm Stock Exchange, has signed an agreement to acquire all of the shares in Young Black which has annual sales of approximately £10million.
Swindon law firm Thrings advised the owners David Black and Lawrence Young on the sale purchase agreement. They will continue as directors of the business which sells a wide range of fastening products to UK industry and construction companies.
Young Black, which employs around 30 people in Swindon, will become part of Indutrade’s special products business area. The overseas group sells and develops high-tech components, systems and services through more than 200 subsidiaries in 28 countries.
David said: “We are delighted that Young Black will be able to continue to grow under its new owner, and so pleased for our Swindon operation which will be the hub of the business for years to come.
“We really appreciated working with the Thrings team who were instrumental in ensuring that deadlines were met so that the transaction could be completed within a short timeframe.”
Thrings - which has been advising Young Black for more than 20 years - was led by corporate partner Simon Hore, with support from commercial lawyer, Sadia Ghaffar, and commercial property partner, Alex Pinhey.
Simon said: “Thrings has been advising David and Lawrence for two decades and we’re very pleased to have supported them as the business has grown, culminating in this significant development at a crucial stage in the company’s history.
“David and Lawrence actively sought our advice when they believed a sale might be on the horizon. This allowed us to begin due diligence work at an early stage and then proceed to completion very quickly once a buyer was found.”
He added: “The transaction is great news for the business and will ensure that Young Black’s customers continue to enjoy the same high-quality industrial products and service as before. We wish David and Lawrence all the best in the future.”
Lawrence Price of Oxford-based corporate finance firm Rockworth also advised on the sale.