Founded in 1977, Accrofab operates from a single facility in Derby, supplying complex fabricated and machined engine bracketry for the global aerospace industry, with customers including Rolls-Royce and Pattonair.
After 42 years of the company being under the Wright family’s stewardship, Cyril and Paul decided to sell the entire issued share capital of Accrofab to Bromford Industries.
Martyn Brierley, Partner and Head of our Corporate & Finance team, helped by Senior Associate, William Bowler, advised the shareholders on the disposal. This latest deal builds on Bromford’s aerospace expertise following its strategic acquisition of AeroCision LLC in March 2018.
Sally Saunders of Provantage Corporate Finance provided advice to the sellers, working alongside Martyn and William to complete the transaction.
Paul Wright was one of Accrofab’s former owners and managing director. Commenting on the importance of working with trusted legal advisors when disposing of a business, he said:
“When selling a business, it’s important to choose people who can provide you with sound legal advice. For us, it was vital as part of the preparation for the sale to get to know our legal advisors in advance and for them to understand what our ultimate aims were for everyone involved.
“Equally, our corporate finance legal advisors of choice, Flint Bishop, needed to understand our business, get to know the key people in it, and who would primarily be involved. It was evident after initially meeting Flint Bishop that they understood the shareholders’ aims, the business itself and the potential issues that might arise during the sale process.
“By talking to them in advance, we gained confidence and felt that their practical experience, knowledge and advice would enable them to support us throughout the sale process.
“Flint Bishop demonstrated their willingness to freely discuss, without any obligation, our aspirations, hopes and fears. These discussions took place with Martyn Brierley and his team, and they provided sound legal advice that helped us to a successful conclusion.
“Support and advice were constantly available, and no emails, telephone calls or questions were ever left unanswered. Clarity of seemingly complex scenarios, questions and situations were discussed in detail and options always provided.
“Although our deal was complex, and the due diligence process was extremely thorough and time-consuming, we were pleasantly surprised that the final fee was under the original estimated fee quotation.
“A somewhat complex and frustrating process was managed effectively by Martyn and his team to a successful conclusion. They were with us every step of the way, and we certainly couldn’t have done it without them.”
Our Head of Corporate & Finance, Martyn Brierley added:
“This was a complex multi-jurisdictional transaction, involving advisors from not only across the UK, but also the Cayman Islands and the US. It was a pleasure to guide Paul through this complex transaction, working alongside Sally Saunders from Pro-Vantage Corporate Finance, David Mellor of Johnson Tidsall, and Thomas Dalby of Abbey Tax to successfully conclude this transaction.
“Paul and his father, Cyril, have built a fantastic business which has flourished with its excellent reputation for providing a first class service to demanding and exacting customers such as Rolls-Royce. We are confident that Bromford, alongside Accrofab’s existing management team, will continue to drive the success and growth of the business and we wish them all the very best for the future.”