RWK Goodman advises on sale of Severn Thermal Solutions
RWK Goodman has advised on the sale of a Gloucestershire-based designer and manufacturer of environmental chambers and furnaces to a specialist buy and build group.
The firm has supported on the sale of Severn Thermal Solutions to SDI Group PLC, an acquisitive group which focuses on companies that design and manufacture specialist equipment, in an agreement which will keep the management team in place and aim to unlock further growth of the business.
Severn Thermal Solutions offers high quality furnaces and environmental systems from small-scale research to full-scale production systems in a range of sectors including nuclear, aerospace, automotive, and research. Its products have been sold to date in more than 25 countries worldwide.
The RWK Goodman team which supported the business on the sale was led by Partner and head of the firm’s Corporate team James Worrall and Associate Yasmine Grove (Corporate), with support from Rob Walton (Real Estate), Megan Wilmot (Real Estate), Kirsty Swan (Employment), Sean O’Mahony (Corporate), Alicia Chown (Employment) and Charles Oliver (Corporate).
Yasmine said: “We’re thrilled to have been able to support Severn Thermal Solutions on this transformative sale to SDI Group with our legal expertise. This deal will unlock the potential to expand their reach within the market thanks to the additional opportunities provided by the wider group as well as solidify itself as a market leader in the controlled environment sector.
It was a pleasure to be able to work with the key shareholders and leverage our deep experience in M&A and knowledge of the scientific and industrial sectors to ensure that the deal was one which worked for the business and allows for a seamless transition into the wider group while helping drive their continued growth and innovation. It was great working with John and the team at Watersheds once again to deliver a successful outcome for the shareholders.”
Watersheds acted as lead corporate finance advisors to the shareholders of Severn Thermal Solutions, while Birketts provided legal advice to SDI Group.
John Stopher of Watersheds said: “This was a deal completed in a tight timeframe due to the efforts put in from all parties; it was a pleasure to lead. As we sought buyers for the business, it became clear that SDI was the right home for Severn. We look forward to seeing the businesses thrive going forward.”
The business will now form part of the wider group, which encompasses more than 15 businesses across the UK, America, Germany, Portugal, and China, and allows SDI Group to expand further into the controlled environment market.
Tracy Ryder from Severn Thermal Solutions said: “We were introduced to Yasmine and James from RWK Goodman as a recommendation for our company sale. Throughout the whole process, the team kept us up to date, explained things clearly and answered any questions we had. The process would have been much more difficult and stressful without them. We would have no doubt in recommending them.”
