Cattaneo Corporate Finance has advised UnitBirwelco on the sale of Unit Superheater Engineering to Sterling Thermal Technologies.
In a deal originated by Cattaneo, thermal equipment solutions provider UnitBirwelco has disposed of the business and assets of its subsidiary, Unit Superheater Engineering (USE), to Sterling Thermal Technologies. The transaction marks an exit for UnitBirwelco from its fabrication facility in Wales, allowing it to focus on UK based Birwelco, a global design, engineering, and procurement leader in thermal equipment solutions including heaters, flares, flare gas recovery systems, and skid packages across a range of sectors.
Sterling is one of the UK’s leading heat exchanger suppliers involved in their design, manufacture, repair, refurbishment and maintenance from its Aylesbury base while the acquisition of USE adds additional manufacturing capacity with a design and fabrication facility in Swansea.
The transaction was originated by Cattaneo, who have a long-standing relationship with UnitBirwelco, following a conversation with Sterling’s private equity investors, Pemberstone Group, regarding the growth strategy of its portfolio company.
Cattaneo provided corporate finance advice to UnitBirwelco which received legal support from Tom Rush and Felicity Hart of Fieldfisher’s Birmingham office. Sterling was advised by the Birmingham office of Gowling WLG.
Commenting on the transaction Martyn Pilley of Cattaneo said:
“We are pleased to have played our part in instigating and delivering the deal – Sterling was looking for an efficient way to increase its fabrication capacity while Unitbirwelco was considering an exit from its facility in Wales. The combination with Sterling provides an excellent result for USE’s business, customers and employees.”
Cy Wilkinson, CEO of UnitBirwelco, added:
“We wish Sterling all the best for the future and look forward to being able to work together as any opportunities arise. We’ve worked with Cattaneo for some time and were impressed with the initiative they showed in suggesting the potential for a deal. We’re grateful for their support in structuring the eventual outcome.”
Steve Ward on behalf of Pemberstone commented:
“This acquisition provides an outstanding outcome for all parties involved and, two years on from Pemberstone’s acquisition of Sterling, represents another exciting step on our journey together.”
