National law firm Shoosmiths has advised SIG plc, a leading European supplier of specialist building products, on the sale of VJ Technology (VJT).
VJT, a distributor of technical fixings, fasteners and consumables to the infrastructure, commercial and wider construction industry, was sold for £29.7 million to Primary Capital, a UK private equity investment firm. The sale 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 VJT is the second strategic SIG divestment that Shoosmiths' Leeds corporate team has advised on in the space of three months, having also advised the Sheffield-based FTSE 250 company on the sale of IBSL, a UK fabricator working in the petrochemicals sector, in March 2018.
Philip Goldsborough, head of corporate at Shoosmiths' Leeds office, led the team advising SIG on both transactions, assisted by senior associate Simon Procter and solicitor Sophie Davies (corporate), Richard Bellamy (real estate), Antonia Blackwell (employment), Jennifer Clarke (commercial) and Dan Kennedy (tax).
Philip said: "We are delighted to have advised SIG on the successful divestment of VJT. 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."
SIG plc was also advised by Rothschild (Leeds) and PwC (Leeds). Primary Capital was advised by Cooley (London).