National law firm Shoosmiths has advised ERIKS UK Holdings Limited (ERIKS UK) on the strategic disposal of the business and assets of its West Midlands based Revolvo Limited, to US corporate The Timken Company (Timken).
ERIKS UK is a part of ERIKS NV, an international service provider offering a wide range of high quality mechanical engineering components and associated technical and logistics services. The provider has a presence in 28 countries worldwide.
Revolvo Limited is a specialist manufacturer of split roller bearings and special roller bearings for industrial applications in process and heavy industries, such as mining, power generation and marine. Timken has acquired Revolvo as part of its wider growth strategy.
The Shoosmiths team, consisting of partners Martin Letza (corporate), Charles Rae (employment) Paul Carney (pensions) and associates Gareth Davies (corporate) and Simon McArdle (commercial) advised ERIKS UK on all aspects of the disposal including the complex sale agreement, TUPE and pensions advice, together with negotiating transitional arrangements and an ongoing distribution agreement between the two parties. Nicola Brain (associate) acted on the real estate elements of the transaction..
Martin Letza commented: 'We have advised ERIKS UK for a number of years and have completed a number of significant strategic deals for them this year.
'The team have again thoroughly enjoyed working with the ERIKS UK team and look forward to continuing to support them going forwards.
'We wish Timken and Revolvo every success.'
Shoosmiths' corporate team has advised public and private companies, management teams, investors and debt providers right through the business life cycle. Shoosmiths work with businesses from start up and first round finance through to mergers and acquisitions, MBO and MBI transactions, development funding and on exits, by way of sale, listing or private equity investment.