Close Brothers advised Doncasters Group Limited (“Doncasters”), a leading international manufacturer of performance and tolerance critical engineering components, on the sale of its Medical Technologies division (“DMT”) for an undisclosed amount. DMT was acquired by Sandvik Materials Technology (“Sandvik”), a world-leading manufacturer of high value-added products in advanced stainless materials, special alloys, metallic and ceramic resistance materials.
DMT specialises in producing key components used in orthopaedic implants such as knee and hip joints. It also produces fully machined and finished instruments used in surgical procedures. DMT’s products are produced in high-alloy stainless materials, titanium and cobalt-based alloys and are supplied to many of the world’s major manufacturers of orthopaedic medical implants. Sales for the year to December 2006 were £34m.
Close Brothers was retained in February 2007 to advise Doncasters on its discussions with Sandvik. Through early negotiation of key terms and ensuring the momentum was maintained at each stage. Close Brothers were able to ensure a successful outcome for Doncasters.
The transaction is pending regulatory approval.
Eric Lewis, CEO of Doncasters, commented:
“We are delighted with the outcome of the sale of DMT. Close Brothers worked closely alongside Doncasters from an early stage and proved instrumental in ensuring shareholder value was maximised."
Andrew Cunningham, Managing Director of Close Brothers, commented:
“Doncasters is an important new client for Close Brothers and we are very pleased to have assisted in achieving an excellent result. The sale of DMT to Sandvik will allow Doncasters to focus on its core business, following its recent acquisition of FastenTech.”
To find out more about how Close Brothers can help your business, please contact Andrew Cunningham, Dafydd Evans or Michelle Le Merre on +44 (20) 7655 3100.