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Field Fisher Waterhouse LLP has advised Marubeni Corporation on its share acquisition of Spaldings Holdings Limited, a leading supplier of farming, agriculture and groundcare equipment and tooling in the UK and Europe. Marubeni Corporation has purchased a majority controlling interest in Spaldings whilst a minority equity stake will be retained by existing shareholders.
Spaldings is unique in its market position in dealing directly with 35,000 UK and Ireland land managers, principally farmers, local authorities and their approved contractors that are serviced via a direct sales force, telephone sales and e-commerce trading. Spaldings reported sales of £23 million and operating profit of £2.4 million in their last published accounts.
The Marubeni Corporation is one of the largest trading companies in Japan with world-wide interests across varying markets including food, forestry, chemicals, energy, minerals, power, finance and transportation and machinery. Marubeni reported sales of US$42.3 billion for the year ended 31 March 2011. Spaldings will become part of Marubeni, whose other interests in the UK include the sale of agrochemicals, agricultural machinery and other transportation equipment.
Corporate partner David Wilkinson led on the deal and was assisted by associates Tom Ward and Jennifer Martin. The deal involved pooling the expertise of over 30 of the firm's fee earners including, tax, banking & finance, property, employment, competition, pensions, trade marks, IP and technology.
David Wilkinson said: "The acquisition represents another strategic move by Marubeni into the UK and European markets, and highlights the firm's expertise in acting on cross-border M&A deals and assisting foreign multi-nationals on inward investments in the UK."
For further information, please contact:
Louise Eckersley, PR Manager, Field Fisher Waterhouse LLP on 020 7861 4120