Herrington Carmichael has been instructed by Cennox plc, a global supplier of banking solutions and the partner of choice for many of the world’s leading banks, financial institutions, commercial operations and retail organisations, to acquire the entire issued share capital of Cedardell, which trades under the name Lockpoint.
Lockpoint was formed in 1989 as a security consultancy business, having been active in the development and supply of a successful security device, the Gryphon Locking System, to many major banks and financial companies. A recognisable brand in the industry and robust and reliable security solution, the Lockpoint product, team and facilities will become embedded into the Cennox Group with immediate effect ensuring no disruption of service.
Clive Nation, CEO for the Camberley-based Cennox Group, said: “Cennox has always focused on building the best combination of products and services around the needs of our banking clients. In the sphere of ATM security, Lockpoint has achieved great results and market presence with their Gryphon Locking System. I am excited to see our teams work together with our new colleagues from Lockpoint, to deliver new sales opportunities for these devices to a wider global audience.”
Law firm Herrington Carmichael was involved in all aspects of the transaction, from due diligence to drafting and negotiating the share purchase agreement to include complex consideration provisions.
Roy Dodd, group finance director at Cennox, said: m“We have worked with Herrington Carmichael several recent acquisitions and our group refinancing. Throughout these processes I found them very professional, pragmatic and commercial. Resources were available to be brought in when needed to complete transactions to our timetable.”
The majority shareholders of Cedardell were advised by Womble Bond Dickinson (UK) LLP. The WBD team was led by Iain Pritty (legal director – Corporate) and assisted by Jessica Christy (solicitor – Corporate), Gemma Bourne (solicitor – Tax) and Laura Daniels (associate – Employment).