Cattaneo has acted as financial adviser to the management team in their acquisition via an MBO of AIM-listed SWP Group Plc.
SWP designs, manufactures and installs a range of industrial engineered products and systems, serving international markets in the oil, gas & petrochemical, construction and water utilities sectors. The group operates through subsidiaries ULVA and Fullflow, and has operations in Cambridgeshire, Sheffield, Rotherham and Telford.
Cattaneo provided financial and regulatory advice to Friars 716 Ltd, a new company set up by SWP’s management team of Alan Walker, Colin Stott, David Pett and Martin Bell, regarding the offer to purchase SWP Group. Under the terms of the deal, shareholders will receive 9p for each SWP share, valuing the business at about £18.3m.
Alan Walker, Chairman of Friars, said:
“SWP is too small to benefit from maintaining a public quotation and AIM has not provided SWP’s shareholders with sufficient liquidity, with some feeling trapped. As a private company, SWP will be better able to weather the feast and famine nature associated with transacting a small number of large projects. I therefore believe that the offer is in the best interests of shareholders as a whole and I look forward with great optimism to working with all stakeholders to continue the successful development of the business.”