TLT's Corporate team has advised Paul O'Kelly, the incoming Chief Executive of Watkins Hire, and his management team on the terms of a £10.1m investment from private equity investor Baird Capital Partners Europe.
Watkins Hire, based in Gloucestershire, supplies heaters, boilers, steam generators, chillers, dehumidifiers, air conditioning units and fuel tanks to companies from its depots across the UK. The business intends to use the funding to grow its rental fleet and invest in engineering, service and operational infrastructure.
Chief Executive Paul O'Kelly says, "I am very pleased to be able to join Watkins Hire at such an exciting period in its development. With the financial backing from Baird Capital we will be able to invest further in the company’s modern and efficient rental fleet in support of a key account driven growth plan.
"It was a pleasure to work with the TLT Corporate team on this transaction. They were very efficient, knowledgeable and practical in the legal negotiations. The management team were all very happy with the support from TLT."
The TLT team was led by corporate associate Jon Gill, with support from employment associate Harry Parker and corporate solicitor Jack Wolton.
Jon Gill says, "We were delighted to use our private equity expertise to support Paul and his team as they position the business for future growth. We have seen a recent upturn in activity from private equity firms looking to invest in businesses in the South West region, with this deal coming alongside the acquisition of Goodridge by Rubicon Partners which our team was also involved in, and we anticipate this continuing as we begin 2014."
TLT's dedicated corporate lawyers advise on the whole range of corporate services across numerous industry sectors, acting for an impressive list of UK and international clients from family owned businesses and major FTSE listed Plcs through to venture capitalists, banks and financial institutions.