Leading UK law firm Shoosmiths has helped as one of the advisers on the management buyout (MBO) of a timber processor and distributor, Hawthorn Timber.
Founded just under 70 years ago, Hawthorn Timber in Hull supports some of the highest quality machined softwood and sheet materials in the UK.
The business has grown organically through the strength of its customer services, innovation and diversification, operating from five sites with its manufacturing facilities alone covering more than 60,000 square feet and employing 120 people.
Hawthorn Timber undertook the MBO with backing from the private equity investor, Nimbus. Financial terms of the transaction were not disclosed.
Shawbrook Bank provided both acquisition and working capital finance to support the transaction and was advised on this by team members from Shoosmiths, including from banking & finance, Anna Robson, partner; Kat Acott, associate and Lucy Flanagan, trainee solicitor; from corporate, James Foster, partner; Natalie Hagar, principal associate and Jess Wetherop, associate; and from real estate, James Benedick, legal director.
“I’d like to thank Shoosmiths for their hard work on this management buyout for Hawthorn Timber, and I was really impressed with the way that the team worked particularly in view of the fast paced timescales required to complete this transaction,” said Daniel Martin, the senior director of corporate lending at Shawbrook Bank.
“This was an extremely fast paced deal with a number of entities contributing towards the goal of securing Hawthorn Timber’s MBO. The combination of acquisition finance and asset based working capital facilities made it an exciting transaction to work on for Shawbrook Bank,” said Anna Robson, Shoosmiths banking & finance partner.