Leading law firm Birketts has advised Poundfield Products Limited shareholders on the sale to SigmaRoc in a £10.25m deal.
Poundfield Products Limited, a pre-cast and pre-stressed concrete manufacturer, was founded in 1999 by Mark Jardine and is based at Creeting St Peter, near Ipswich. It distributes its products to a diverse range of clients including government, public and private companies both in the UK and internationally. Poundfield also partners with major firms in the construction materials industry for the licensing of its patented products.
SigmaRoc, an AIM-listed construction materials group which is a buy-and-build investment strategy, paid an initial £9.5m in cash with a further £750,000 payable in a year’s time in the form of SigmaRoc shares, subject to certain conditions. The deal was funded by a £13.9m placing of new shares.
Birketts led the transaction through Adam Jones, Corporate Partner, who was assisted by Alex Forwood (Corporate) and Kevin Palmer (Employment).
Mark Jardine, former owner and CEO of Poundfield Products, said: “When considering our options we wanted to ensure that we were advised by the best legal team possible. Birketts is well-known for dealing with transactions of this size and scale, and they couple fantastic local knowledge and insight with the ability to go toe-to-toe with large City law firms. Their professionalism throughout was top class, and they helped us achieve completion in a very tough four week timetable. Throughout the process we knew that we had made the right choice.”
Adam Jones, Corporate Partner at Birketts, added: “I am delighted that our team has helped achieve a successful exit for Mark and John, after working with them for several years as they consolidated the business. We were pleased to also help them secure an ongoing interest in the future performance of the SigmaRoc group, and as such we look forward to seeing SigmaRoc continue to prosper as it looks to maximise synergies with Poundfield and its growing portfolio of assets.”