North East duo spring into action with sale to US buyer
6th April, 2016
NORTH East advisers have played a key role in the sale of a leading UK industrial lubricants business to a US-based company.
Teams from Cavu Corporate Finance and law firm Ward Hadaway advised on the sale of Action Can to CRC Industries for an undisclosed sum.
This is the second deal the firms have completed in the sector having sold Gateshead-based GB Lubricants to Morris Lubricants in 2015.
Shawn Bone, founder and director at Cavu Corporate Finance, led Cavu’s team advising on the sale of St Helens-based Action Can with support from assistant director Rob Jones.
Shawn said: “These businesses are often held in families for many generations. They rarely come to market and when they do, there is very strong interest from both UK and overseas buyers.
“We were delighted to act for the shareholders of Action Can on the sale to US-based CRC Industries.”
The acquirer, CRC Industries, is a worldwide leader in the production of specialty chemicals for maintenance and repair professionals and do-it-yourselfers, serving the automotive, heavy trucking, marine, hardware, industrial and aviation markets.
Alastair Gunn, Corporate Partner at Greenwoods Solicitors, advised CRC with support from Senior Solicitor Mark Williams and Solicitor Ollie Flowers.
Robert Thompson said: “It is somewhat fitting that in both the case of GB Lubricants and Action Can that we have managed to sell these businesses to larger family-owned businesses.
“Both acquirers will be long term owners of those businesses and continue to make investment to develop them.”
CRC was founded in 1958 as Corrosion Reaction Consultants with a single product.
Today the company’s products are sold throughout the US, Europe, South America and the Pacific Rim. CRC operates 12 facilities that produce more than 70 million cans of aerosol products each year.
Bruno Hereman, CEO of CRC Industries Europe, said: “We are delighted to add Action Can to the CRC family and this deal fits with our acquisition-led strategy.
“We are grateful to Shawn and Rob from Cavu Corporate Finance, to Robert, Tom and Clare from Ward Hadaway and to the team at Greenwoods for bringing the deal to a successful conclusion.”
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