A Wakefield-based corporate finance team has provided advice in connection with a major global acquisition.
US-based Snap-on Incorporated has acquired Norbar Torque Tools Holdings Limited, along with its US and Chinese joint ventures, for around $72m.
Based in Banbury, Norbar is a manufacturer of a full range of torque products, including wrenches, multipliers and calibrators and has a strong presence in the power generation, oil and gas, mining and railway sectors.
fds Director Services, which is based in Wakefield, advised Norbar’s management in connection with the deal.
Norbar, which employs around 300 staff, was incorporated by William Brodey in 1943.
Four third generation family members continue to operate the business.
Leading the deal for fds was managing director Poonam Kaur, supported by chief executive Jo Haigh, who worked alongside law firm Penningtons Manches to deliver the sale.
Neill Brodey, the managing director of Norbar, said: “The real benefit of using fds was to think about the deal structure at the beginning of the process, which allowed us to set a clear vision and work towards it.”
Ms Kaur said: “This has been one of the largest deals that fds and I have advised on.
“We specialise in owner managed businesses, and to be advising on a business that was in its third generation was an honour.”
Founded in 1920, Snap-on is a $3.4bn, S&P 500 company headquartered in Kenosha, Wisconsin.
Snap-on Incorporated is a manufacturer and marketer of tools and equipment.
Its products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other services for vehicle dealerships and repair centres, as well as customers in the aviation and aerospace sectors.