Hempsons complete further acquisition for Modular Group Investments (MGI)
Hempsons’ corporate and real estate teams have acted for Modular Group Investments (MGI) in their acquisition of Oakland Glass. The transaction completed on 8 February.
Oakland Glass was established in 1986, providing high-quality insulated double-glazed units and has steadily grown into one of the market leaders in its field. It combines traditional values and expertise and has established strong and long-standing relationships with customers, suppliers and employees.
The acquisition is the fourth acquisition undertaken by MGI and Hempsons are pleased to have acted for MGI in all four acquisitions.
Michael Garratt, Founder of MGI said: “I am very excited to add Oakland Glass Ltd to our Group and to have the opportunity to build upon what the team has created. We look forward to a promising future together – MGI plans to acquire more componentry manufacturing businesses this year in order to continue to diversify our product portfolio, but also to strengthen our customer relationships by offering more products and service.”
Giles Richell, Group CEO of MGI said: “This is a great addition to the MGI Group and provides a depth and scale of vertical integration that we believe is unmatched by our competition. This will allow us to supply our multiple construction markets with the best service and most competitive solutions in the industry.”
Faisal Dhalla (Partner, Corporate) led the Hempsons team and was closely supported by Lisa Davison (Partner, Real Estate), Kirsty Odell (Associate, Corporate), Ed Giles (Solicitor, Corporate) and Daniel Howlett (Solicitor, Real Estate). The team provided advice on the transaction from heads of terms stage right through to completion, providing support on due diligence, drafting and negotiation of share purchase and real estate documentation and support on the legal aspects of MGI’s lending package.
The Hempsons team worked closely with Hawsons Chartered Accountants (who provided accounting, corporate finance and tax support) and also Neil Sharp and Dominic Roberts of TML Finance & Advisory who structured an ABL lending package to assist with the purchase (the lending package was provided by Praetura Commercial Finance and Praetura Asset Finance.
Neil Sharp and Dominic Roberts said: “It was great to see all the moving parts align both from the start to the final agreement. We have an extensive background in working on these types of deals for clients and it is always good to put that experience to good use for a positive outcome. It was a great experience working with Stuart, Adam, Lisa and the wider team at PCF, who went above and beyond to make this transaction happen.”
Faisal Dhalla commented as follows:
“We are very pleased to have completed this acquisition for Michael and the MGI team. Having worked with Michael since the start of MGI, it really is great to see the Group go from strength to strength and we look forward to working closely with MGI as they continue to develop their buy-and-build strategy.
It was also a pleasure to work with Neil Sharp and Dominic Roberts at TML Finance & Advisory on yet another transaction and with Pete Wilmer and the team at Hawsons Chartered Accountants. Their support really was invaluable in helping to get the transaction over the line.”
Michael Garratt, Founder of MGI further commented as follows:
“Once again, it was great to work with the Hempsons team. They provided a very efficient and responsive service and provided pragmatic and commercially sound legal advice throughout the transaction process.”