Leading South East law firm, Thomson Snell & Passmore, has successfully advised Electra Private Equity Plc, a London Stock Exchange listed investment trust, on the sale of one of its portfolio companies, Adjustoform Products Limited. The private-equity backed dress form manufacturer was sold to haberdashery distributor Groves of Thame (Holdings) Limited.
Ashford based Adjustoform has grown to become a world leader in dress form manufacturing over the last 50 years, servicing customers worldwide with products which are widely recognised for their high quality.
Groves is the UK’s leading supplier of sewing and needlecraft accessories. Its acquisition of Adjustoform will further add to its already impressive portfolio of products.
In disposing of the business, Electra wanted to realise its private equity investment but also find a new owner that would preserve Adjustoform’s heritage and enable the organisation to reach the next level of success.
The transaction team at Thomson Snell & Passmore was led by Partner and Head of Corporate, Joanne Gallagher, assisted by solicitor Joseph Hartland. Due to the nature of the transaction, the deal necessitated a wider project team which included Oliver Butler advising on the Property aspects, Ben Stepney on Employment, Nitzan Cohen advising on Tax and Mathew Boyle on Pensions.
Jack Clipsham and Will Molony of Kreston Reeves acted as corporate finance advisors, having helped prepare and market Adjustoform for sale.
Commenting on the transaction, Gavin Manson, CFO of Electra Private Equity says: “We are delighted that Adjustoform has become part of Groves. Thomson Snell & Passmore guided this transaction with great skill and multidisciplinary teamwork and we thank them for their expertise and the role they played in enabling a seamless transaction.”
Joanne Gallagher, Partner at Thomson Snell & Passmore adds: “We are so pleased to have successfully completed this deal, working alongside Kreston Reeves Corporate Finance to provide a seamless service to our mutual client Electra. We were able to harness our expertise in Private Equity and M&A as well as draw on our wide ranging skillsets from across our commercial departments to successfully complete this transaction. We wish the Adjustoform team all the best as it joins Groves.”