IBB’s corporate commercial team, advised the owners on the sale of Iver-based The Tomato Plant Company, specialists in drainage, tankering, jetting, CCTV, lining and various other draining activities, to Industrial Water Jetting Systems Group, a drainage specialist acquired by M Group Services, a few days prior to completion of this transaction.
The IBB team advising the owners Keith Williams and Iain John was led by partner Adam Dowdney and included senior solicitor Jaspreet Patter, solicitor Charlotte Newlyn and trainee solicitor Azra Yousef of the corporate commercial team as well as employment partner Richard Devall, real-estate partner Jeff Elphee, senior solicitor Julian Busfield, and solicitor Katherine Bereza of the real-estate team. The sellers were also advised by accountants Harwood Hutton and Wilkins Kennedy, who provided corporate finance advice.
Industrial Water Jetting Systems Group/M Group Services, were advised by Pinsent Masons LLP and PwC.
Commenting on the deal, Adam Dowdney said: “We were delighted to have acted for Keith and Iain on this transaction.
Given the numerous moving parts, including exercise of an EMI option, re-organisation of the haulage division of the target, and the actual transaction itself, which involved complex completion account mechanisms and a tight deadline for completion, all parties worked extremely hard to get this over the line. Earn-out provisions, limitations of liability and indemnities were the subject of significant negotiation – however, our clients’ interests are suitably protected, and we wish all parties every success in the future.”
Iain John commented: “It was great to get the deal over the line. IBB came well recommended when we were searching for advisers, and they did not disappoint. They provided practical, commercial advice on some complex areas and documents, and worked extremely diligently to achieve the deadlines imposed.”