Advice on the sale of Pure Asphalt Company Limited to IKO Plc

Thomson Snell & Passmore acted for the shareholders of Pure Asphalt Company Limited in relation to the sale of their shares in the company to IKO. The Corporate & Commercial Team, led on the transaction.

Pure Asphalt Company Limited was an owner-managed business that manufactured and supplied mastic asphalt in the UK. IKO Plc, a manufacturer and supplier of waterproofing materials and associated products for the building and construction industry, had conditionally agreed to buy the entire share capital of Pure Asphalt Company Limited.

Unfortunately, one of Pure Asphalt’s two shareholders suffered a stroke and was incapacitated. Thomson Snell & Passmore’s Court of Protection team, oversaw an urgent application to the Court of Protection for the appointment of an interim deputy in order to allow the transaction to proceed.

The transaction was complicated by the requirement to obtain clearance from the Competition & Markets Authority (CMA) before the transaction could complete. Thomson Snell & Passmore’s experience of CMA clearance allowed them to identify the issues early and satisfy the CMA that clearance could be given.

This complicated transaction successfully completed in 2016.

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