Tyman plc completed the acquisition of Atlas Holdings Company Limited and Truth Hardware Corporation from Fki Engineering Ltd.
For the year ended December 31, 2012, Truth Hardware recorded sales of $126 million, operating profit of $18.6 million, gross assets of $61.3 million and EBITDA of $22.5 million. The transaction is expected to complete following admission of the new ordinary shares to trading on AIM, firm placing and the placing and open offer becoming effective and following satisfaction of the Hart-Scott-Rodino Antitrust Improvements Act condition. The transaction is expected to complete by late June 2013 and by no later than July 31, 2013. Melrose intends to use the proceeds to pay down existing borrowings. The transaction is expected to be accretive to Tyman's earnings per share in the first full financial year following completion of the transaction.
As on June 28, 2013, The Antitrust Division of the United States Department of Justice terminated the Hart Scott Rodino Act waiting period.
Ravi Gupta, Francis Burkitt, Stephen Griffiths and Yuri Shakhmin of N M Rothschild & Sons Limited and Bruce Garrow and Adam Miller of Canaccord Genuity Limited acted as financial advisors for Tyman. Reg Hoare, Ian Payne and Nick Hayns of MHP Communications acted as PR advisors for Tyman. Adam Signy and Jamie Rowles (M&A); and David Vann, Tara Kelly and Ken Ehrhard (Antitrust) of Simpson Thacher & Bartlett LLP acted as legal advisors to Melrose Industries PLC. Alison Starr, Andrew Black, Jenny Malcolm, Alan Chan, Emma Shield, Louise Blair, James Spencer, Eden Walsh and Joe Young, John Christian, Jon Robinson, Matt Morgan, Pippa Whitmore and Sarah Jay of Pinsent Masons acted as legal advisors for Tyman plc in UK while Heenan Blaikie LLP and Proskauer Rose LLP acted as legal advisors for Tyman in USA and Canada. Greg Brown of Allen & Overy advised the banks Barclays, HSBC, Lloyds and the Royal Bank of Scotland. Robert W. Baird & Co. Incorporated acted as the financial advisor for Melrose. The conversions were made through www.oanda.com on May 1, 2013.
Tyman plc (AIM:TYMN) completed the acquisition of Atlas Holdings Company Limited and Truth Hardware Corporation from Fki Engineering Ltd on July 3, 2013.