Dains Corporate Finance team advise Wheel Solutions on its acquisition of Gateway Chassis
The Dains Corporate Finance team has recently advised Wheel Solutions Limited on its acquisition of Gateway Chassis Limited.
Wheel Solutions, based in Cannock, Staffordshire, is one of the UK's largest independent suppliers of wheels, tyres, wheel assemblies, inner tubes and stub axles to the OEM market, and also manufactures chassis for static homes through its subsidiary, Chassis Solutions.
Gateway Chassis, based in Kingston-upon-Hull, manufactures steel chassis for the Residential Park Home industry, and complements Wheel Solutions' existing chassis manufacturing business based in Northamptonshire.
Roy Farmer and Rob Wilson provided a full lead advisory service which encompassed a valuation exercise, deal structuring advice, negotiation support, forecast preparation, financial & tax due diligence review and the project management of the transaction.
Adam Longmore of Dains provided tax advice, and Hilary D'Cruz, Jamie Gill and Laura Pyatt of Ansons provided legal advice in connection with the acquisition. Funding was provided by Neil Barnes of Barclays Bank PLC.
What we said
Roy Farmer and Rob Wilson provided acquisition support services to Wheel Solutions. Lead advisor Roy Farmer from Dains Corporate Finance said: "We were delighted to work with Steve on this acquisition. With Steve's strong track record in the industry, the benefits to Wheel Solutions of acquiring Gateway Chassis were clear. Our role was to put together a sensibly structured deal, to identify and focus on the key issues, and to ensure the transaction was concluded as efficiently as was possible."
What our client said
Managing Director Steve Budding commented: "It is important that you instruct corporate finance advisors that have the experience and expert knowledge to manage an acquisition, and the potential complexities of such a process. The team at Dains helped me to focus on the key issues, and the advice provided was always commercial and pragmatic. Roy and Rob worked hard to overcome any issues during the transaction process, and I look forward to continuing to work with Dains on future projects."
What the Bank said
Neil Barnes, Relationship Director at Barclays Bank PLC commented: "Steve Budding has a clear vision and strategy for growing and developing the business. By really understanding the industry sector and working closely with the management team and Dains, Barclays was able to identify and provide the right level of financial support to enable the company to fulfil its growth ambitions."