We are pleased to share that we have successfully advised on the sale of Norbar Torque Tools Holdings Limited. The leading European manufacturer of torque tools has been acquired by Snap-on Incorporated of Kenosha, Wisconsin, United States.
Norbar was incorporated by William Brodey in 1943. The Company supplies to a range of markets, including general manufacturing, oil and gas, transportation and aerospace. Four third-generation family members continue to operate the business which has its head office in Banbury, Oxfordshire.
The company was approached by Snap-on Incorporated, a New York Stock Exchange-listed company, to acquire the holdings company, along with its wholly-owned companies in Singapore and India, in addition to its US and Chinese joint ventures.
Leading the deal for fds Director Services was CEO Poonam Kaur, supported by fds Founder and Chairman Jo Haigh. The team worked alongside Penningtons Manches to deliver a successful sale. The companies liaised proactively with all parties, both in the UK and overseas, to ensure that Snap-on and Norbar’s requirements were met within a very tight timescale.
Neill Brodey, Managing Director of Norbar, said “The real benefit of using fds was to think about the deal structure at the beginning of the process, which allowed us to set a clear vision and work towards it.”
Poonam Kaur commented: “This has been one of the largest deals that fds and I have advised on and I have truly appreciated working with all the parties involved. We specialise in owner-managed businesses and to be advising on a business that was in its third generation was an honour. I believe we have achieved a great result due entirely to the efforts that both sides have shown in this transaction to ensure delays were kept to a minimum.
It is important to note that successful completions are heavily reliant on the management of the process, negotiation skills and communication are the main key aspects of keeping momentum, rather than simply achieving the value which is just the beginning of any deal. At fds we strive to go beyond client expectations to achieve positive results.”
Finding the right business broker to manage the sale of your company is imperative to ensure a smooth and streamlined business exit. Learn more about how fds can assist you with your succession planning journey by contacting us for a confidential conversation in regards to how to sell a business.