Lattimer Holdings Acquires Mersey Glass Firm in £4m Deal

12th July 2007

Hampson Industries plc, the international aerospace and precision engineering group has sold its entire stake in the Lattimer Group to a new company set up and funded by Merseyside Special Investment Fund (MSIF).

Lattimer Holdings Limited, whose head office is in Merseyside, was set up with investment of £2.3m from MSIF’s Venture and Mezzanine Funds with banking facilities provided by GE Commercial Finance, Halifax Bank of Scotland and Susquehanna Patriot Bank (US).

Lattimer Holdings has appointed Keith Jordan as Non Executive Chairman and the previous management team as executive directors who also invested as part of the transaction.

Established in 1950, Lattimer is the market leader in the design, manufacture and assembly of parts and accessories for the glass forming industry and practice artillery for land and sea-based military aircraft.

Stephen Waterhouse who has been appointed as MD and who has worked for Lattimer Limited for over 10 years said: “We are delighted to join forces with MSIF. Now we have control of the company we can concentrate on its core activities. We are looking to grow the company organically and also intend to seek further acquisition opportunities.”

Matt Allen, Investment Director of MSIF’s £40m Venture Fund said: “This was a complicated deal which involved simultaneous acquisitions of two companies in Merseyside and New Jersey (USA). We very pleased to be involved in the business which has a strong management team and a good opportunity for organic growth through a major structural change in their market place.”

Andrew O’Mahony, a partner at Brabners Chaffe Street solicitors who provided legal advice to MSIF said: “Brabners were pleased to have been involved in advising on an investment that will enable the growth of this longstanding Merseyside business.”

Lattimer Holdings employs 83 staff across the two companies and is forecast to achieve a turnover in excess of £9m this year.

The management’s advisors included Jeremy Carr and Nathalie Blake at Ford Campbell (Corporate Finance), Paul Jefferson and Craig Scott of Halliwells (Legals) and Mkonsult (due diligence). Financial due diligence for MSIF was conducted by PKF.

Ends

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Photo shows L-R Malcolm Jones and Matt Allen (MSIF) Keith Jordan and Stephen Waterhouse (Lattimer)

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