Shoosmiths team behind a2e's lightning strike

Shoosmiths team behind a2e's lightning strike


Author: Alastair Gray

A multi-discipline team from Shoosmiths has helped a Manchester venture capitalist buy a defence and aerospace manufacturer.

The acquisition was carried out by the national law firm's corporate team in Manchester, led by senior associate Karen Procter with assistance from trainee solicitor Charlotte Davies.

Partners Graham Hall and Karen Fletcher provided specialist banking and employment law advice, while associate Lisa On-Iam advised on property issues.

Shoosmiths formed a new company - Lightning Precision Engineering Limited - which was used by a2e Venture Catalysts as the vehicle to purchase the business and assets of Lightning Aerospace Limited from administrator Duff & Phelps.

Lightning Precision Engineering will now form part of a consortium with a2e's existing investee company, AMF Precision Engineering Limited based on the Wirral.

Procter said: "We advised on the equity and funding arrangements for the new investment vehicle, as well as negotiating the acquisition agreement with the administrators. We also advised on property law issues relating to the occupation of the business premises, and on employment law issues concerning the transfer of 19 staff to the new company.

"Given that Lightning Aerospace was already in administration, it was imperative that we moved quickly and helped ensure the transaction was completed within a two-week timeframe."

a2e Venture Catalysts is the corporate finance and private investment banking business of Manchester venture capitalist Amin Amiri .

Founded in 1992, Coventry-based Lightning Aerospace specialises in fabrication, harnessing and profile cutting in the defence and aerospace sectors.