Tombstones
Silverdell Reverse Takeover
Silverdell (UK) Ltd, a provider of highly specialised asbestos removal services, has been acquired by Bow Lane Capital plc, an investment company established to acquire businesses in the environmental services sector, in a deal worth up to £22.2 million.
Silverdell was established over 25 years ago, and is now one of the country’s leading asbestos removal and management contractors. Regional offices are located throughout the UK, providing quality assured solutions locally.
The Directors of Silverdell (UK), Danny T Spicer, Wayne Farmer, Mark Roberts, Sean Nutley, Dave Rhodes and Ashley Griffiths have remained in place and will continue to perform the same functions that they performed before the acquisition.
In addition, Danny Spicer, who has worked for Silverdell for over 26 years, since the age of 18, and is the son of the company’s founder, will become Chief Executive Officer of Silverdell plc, and Sean Nutley, who has been with Silverdell since 1992, will become Chief Operating Officer. Silverdell plc will be chaired by David Williams, the current Chairman of Bow Lane Capital plc and former Chairman of Waste Recycling Group plc.
Mr Williams said: ”Silverdell is one of the leading asbestos contractors in the UK, with a strong brand, a blue chip customer base and an experienced management team. This acquisition provides a platform for consolidation in the fragmented asbestos services sector, which we believe has witnessed a compound annual growth rate of approximately 25% since 2002 due to increasing legislation and the threat of litigation. We have already identified opportunities for further complementary acquisitions once this acquisition is completed.
THP Ltd acted as financial and tax advisers to Silverdell (UK) Ltd. Adrian Hart led the team. Mr Hart commented: “The synergy that developed so quickly between the sophisticated City entrepreneurs and the down-to-earth East End businessmen made this deal particularly interesting.”
Ince & Co provided legal advice to the sellers and the company. Nick Gould, who led the Ince & Co team, said: “This was an excellent deal for the vendors. In addition it enables the company itself to continue to grow as part of a larger group.”
August 2006 Corp UK