Transaction notice: sale of Integ Holdings Limited

November 11, 2008

Fox Williams LLP acted for the principal shareholders of Integ Holdings Limited (Integ), including founder and chairman Malcolm Kelly OBE, on the sale of the entire issued share capital of Integ to diversified industrial manufacturer Eaton Corporation (NYSE:ETN). Integ has operations in the UK, US and Germany.

Integ is the parent company of Integrated Hydraulics Limited, a UK headquartered designer and manufacturer of screw-in cartridge valves, custom-engineered hydraulic valves and manifold systems. Founded by Malcolm Kelly over 35 years ago, Integ is one of the global leaders in this sector and at the time of the sale employed approximately 290 people in the UK, US and Germany. The terms of the sale have not been disclosed.

Malcolm Kelly said: "I strongly believe that Integrated Hydraulic’s future potential growth will be greatly enhanced by the much wider global footprint which Eaton Corporation provides and I am indebted to the Fox Williams team for their invaluable advice and assistance in bringing this deal to a successful conclusion".

Head of Corporate, Paul Osborne, led the Fox Williams' team, which included corporate partner Steve Barnett and associate Bruce McGinn. Allen & Overy LLP acted for Eaton Corporation.

Paul Osborne commented: "It was fundamental to the principal vendors to identify a purchaser that could further develop and build the Integ group. This objective was met whilst allowing the major shareholders to successfully exit after achieving so much at the helm of Integrated Hydraulics".


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