National law firm Shoosmiths has advised SIG plc, a leading European supplier of specialist building products, on the sale of Building Solutions (National) Limited (Building Solutions), a UK manufacturer and distributor of building envelope solutions for £37.5 million.
The transaction is conditional upon the satisfaction of certain conditions, including clearance being obtained from the Competition & Markets Authority.
The sale to Kingspan Group, a global leader in building envelope solutions based in Ireland, is in line with SIG’s medium-term divestment strategy of disposing of smaller, non-core businesses in order to refocus the group’s portfolio and strengthen its balance sheet.
The sale of Building Solutions – which operates through the brands of Steadmans, United Roofing Products, Trimform Products and Advanced Cladding & Insulation - is the fourth strategic SIG divestment that Shoosmiths’ Leeds corporate team has advised on in the past 18 months.
Corporate partner Philip Goldsborough, senior associate Simon Procter and solicitor Sophie Davies led the team advising SIG on the transaction, assisted by Saby Sambhi (corporate), Richard Bellamy (real estate), Angela Gregson (anti-trust), Jennifer Clarke (commercial) and Dan Kennedy (tax).
Simon said: “We are delighted to have advised SIG on the successful divestment of Building Solutions. The Shoosmiths team has worked incredibly hard together with SIG and the wider advisory teams to deliver a complex transaction in a challenging timetable – it has been a fantastic team effort.”