UK: Clyde & Co Advises SIMEC & Liberty House Groups On Purchase Of Caparo Businesses
Last Updated: 17 December 2015

Global law firm Clyde & Co has advised the SIMEC and Liberty House Groups, owned by the Gupta family, on their strategic acquisition of Caparo's tubular solutions and advanced engineering businesses in two deals completing on 27 November and 10 December.

In the latest agreement, which was completed with administrators PwC, SIMEC acquired parts of Caparo's advanced engineering products and precision strip businesses based at sites across the West Midlands. The engineering businesses – now called Liberty Advanced Engineering Products - command a high-profile customer base, with products including anti-vibration systems for naval vessels and high performance braking systems for NASCAR, London Taxis, US Yellow school buses and the upgraded Warrior Land Rover, featured in the new Bond film, Spectre, as well as the iconic T1 Evolution Hyper Car.

The Clyde & Co team advising Liberty House was led by Partners Simon Vere Nicoll and Stewart Perry, working alongside Adam Taylor-Smith and Andrew Hardman (Real Estate); Heidi Watson and Nick Dent (Employment); Mark Howard (Pensions) and David Blumenthal (Tax).

The team advised on all aspects of the acquisition, including rapid due diligence, and the issues faced with any distressed business of this size.

"Clyde & Co's Corporate Partner Simon Vere Nicoll commented: "A deal of this complexity and importance to the sector is not often completed in a month and we are delighted to have been able to assist SIMEC in this urgent acquisition. The deal involved a wide range of elements, including real estate, employment, pensions and tax and we were able to quickly deploy a Clyde & Co team to assist our client across all these areas."

"At a time when the UK steel industry is suffering from low commodity prices, exchange rates and China's lost appetite for steel production, we are very pleased to have played a part in these two deals that have preserved 1000 jobs in total and provided some good news for the industry. It will give the UK steel industry and local economy a much needed boost."

"Insolvency Partner Stewart Perry added: "In the deal that was completed yesterday our client bought 10 businesses, three closed businesses, shares in some companies and 24 properties. It also has made the Christmases for over 600 employees who keep their jobs. We were happy to help in that process."

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