Law firm Howes Percival has advised the shareholders of Leicester based Ridgway Machines Limited on the sale to Tokamak Energy Ltd.
Originally a general engineering business, Ridgway was established in 1920 in Leicester and evolved to provide high quality special purpose machinery. They develop solutions for winding and insulating superconducting magnets and cables.
Tokamak Energy was founded in 2009 as a spin-off from the UK Atomic Energy Authority (UKAEA) and has grown into a leading global fusion and superconducting technology company. Ridgway will enable TE Magnetics to scale up its UK manufacturing facilities to produce commercial products fit for multiple purposes.
The deal will see key individuals of Ridgway Machines remain in the business and play a key role in shaping the strategic direction of Tokamak.
Howes Percival advised Stephen Hunt and Andy Glanville on all legal aspects of the deal from heads of terms through to completion of the transaction.
The team was led by Corporate Partner Gareth John, supported by Tanya Dobson and Emma Cobley (Corporate) and Samuel Moore (Tax). PKF Smith Cooper provided tax and corporate finance advice to the sellers, with the respective teams being led by partners Adam Rollason and Claire Spencer.
Howes Percival’s Gareth John commented,
This is another significant local Leicester deal for the firm and further indication of the calibre of transaction we are routinely seeing at Howes Percival. We are absolutely delighted for Stephen and Andy who have worked so hard to build a fantastic business. Howes Percival have worked alongside them for many years now and are very proud to be associated with the businesses.
“It is an interesting time in the market with the pending Autumn statement at the end of November creating some potential uncertainty within the M&A market over the next 12 months. We have still seen an increase in instructions from clients who are keen to grow and expand their businesses or exit and realise their life’s work. It is fantastic to still see a continued appetite to complete M&A transactions and for businesses to use acquisitions to facilitate growth.”
Stephen Hunt, Ridgway Machines Limited commented,
We are hugely grateful to Gareth and the Howes Percival team for all the advice and expertise and for bringing everything together in such a shortened timeframe.
For more information on Howes Percival’s Corporate team, visit: https://www.howespercival.com/services/corporate/
