Smiths News - Acquisition of the business and assets of the Bertram group

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Slaughter and May is advising Smiths News, the UK's leading wholesaler of newspapers and magazines, on the acquisition by its wholly-owned subsidiary of the business and assets of the Bertram group of companies, formerly part of the Woolworths Group. The total transaction value of the acquisition was £8.6 million with an anticipated further £7 million to be injected for working capital over the period to 31 August, 2009. The acquisition was announced on 20 March, 2009.

A key issue in the transaction was ensuring, as a structuring matter, that neither the Bertram companies nor the purchaser were exposed to the deficit in the Woolworths Group Pension Scheme.

Bertram is a leading book wholesaler to independent, online and multiple retailers. It is also a leading distributor of books and audiovisual products to libraries and acts as a primary distributor for small book publishers.

Jeff Triggs (partner), Georgie Fast (associate); Financing: George Seligman (partner), George Vaughton (associate); Pensions: Sandeep Maudgil (partner), Tom Jackman (associate)