London, United Kingdom – April 30 – LAWFUEL – The Law News Network – International law firm Dechert LLP advised the majority shareholders of Strix Group Limited on its secondary buyout led by ABN Amro Capital. The transaction was signed on 22nd April and is subject to regulatory approval. The value of the transaction has not been disclosed.
Strix is the leading world manufacturer of kettle controls, used to switch kettles on and off, its product being used by approximately a fifth of the world’s population. The group is headquartered in Ronaldsway in the Isle of Man, and operates four manufacturing facilities there and in the UK and China. It supplies all the major kettle brands including Bosch Siemens, Braun, Kenwood, Morphy Richards, Philips, Rowenta, Russell Hobbs and Tefal.
The Dechert team advising the majority shareholders was led by corporate partners Mark Davis and David Wallis. They were assisted by associates Tim Bird and Daniel Jacob.
Mark Davis said:
“We were very pleased to have been asked to advise on this deal. It is a terrific business with an impressive chairman and management team and I am sure they will continue to enjoy considerable success in the future.
It has turned out to be a very busy year for our London private equity team so far and this is in fact the third large exit of a private equity backed business we have worked on in 2005. We also represented the majority shareholders in the secondary buyout of the Travelex group and Citigroup Venture Capital Equity Partners in the sale of one of its portfolio companies.”
Montagu Private Equity were advised on the sale by DLA Piper Rudnick Gray Cary. The lead partner was Bruce Westbrook and he was assisted primarily by David Gerber.
ABN Amro were advised in the UK by Cameron McKenna, led by partner Andrew Sheach.
Lenders RBS Leveraged Finance and Mizuho Corporate Bank were advised by partner James Johnson and his team from Clifford Chance.