fds has advised on the sale of Norbar Torque Tools Holdings Limited, a European leading manufacturer of torque tools, to Snap-on Incorporated of Kenosha, Wisconsin, United States.
Norbar was incorporated by William Brodey in 1943, supplying to a range of markets which include general manufacturing, oil and gas, transportation and aerospace. Four third generation family members continue to operate the business which has its head office in Banbury, Oxfordshire.
The company was approached by Snap-on Incorporated, a New York Stock Exchange-listed company, to acquire the holdings company, along with its wholly-owned companies in Singapore and India and also its US and Chinese joint ventures.
Leading the deal for fds was Managing Director Poonam Kaur, supported by CEO Jo Haigh, who worked alongside Penningtons Manches to deliver a successful sale, liaising proactively with all parties, both in the UK and overseas to ensure, that both Snap-on’s and Norbar’s requirements were met within a very tight timescale.
Neill Brodey, Managing Director of Norbar said “The real benefit of using fds was to think about the deal structure at the beginning of the process, which allowed us to set a clear vision and work towards it.”
Poonam Kaur said: “This has been one of the largest deals that fds and I have advised on and I have truly appreciated working with all the parties involved. We specialise in owner managed businesses and to be advising on a business that was in its third generation was an honour. I believe we have achieved a great result due entirely to the efforts that both sides have shown in this transaction to ensure delays were kept to a minimum.
It is important to note that successful completions are heavily reliant on the management of the process, negotiation skills and communication are the main key aspects of keeping momentum, rather than simply achieving the value which is just the beginning of any deal. At fds we strive to go beyond client expectations to achieve positive results.”