Fox Williams acted for Tennants Consolidated Ltd (“Tennants”), a leading UK privately held chemical manufacturing and distribution group, on its acquisition of the entire issued share capital of Tessenderlo Fine Chemicals Ltd from the Belgium-based Tessenderlo Group (NYSE Euronext: TESB) for £17 million which completed on 31 January 2011. Following the acquisition, Tessenderlo Fine Chemicals Ltd was renamed Tennants Fine Chemicals Ltd (“TFC”).
TFC supplies a range of esters and aroma products to a global customer base from its production site in Leek, Staffordshire, and generated a turnover in excess of £45 million in 2010.
Paul Alexander, Group Chairman of Tennants, said: “We are delighted to welcome TFC to the Tennants Group, which we regard as an excellent fit with our existing portfolio of activities“.
Wim Poot, Tessenderlo Group’s Business Unit Director OCD, said: “TFC has shown improved results over the last years. With Tennants, a solid and leading company, we believe TFC is well-placed to continue this performance“.
Paul Osborne, Head of Corporate at Fox Williams, commented: “We were delighted to represent Tennants on this strategic acquisition. The acquisition by Tennants will provide a strong basis for the growth and development of the TFC business“.
Paul Osborne (Partner) led the transaction and was assisted by Howard Taylor (Senior Associate) and Sharon O’Donnell (Associate) on corporate matters, and by other members of the firm’s employment, intellectual property, tax, commercial and real estate departments. Tessenderlo were advised by Martineau.