Umeco - Sale of Pattonair

List of all recent work 

Slaughter and May is advising Umeco plc on the proposed sale of Pattonair, Umeco's supply chain business, to a company established by funds advised by Exponent Private Equity LLP for an unadjusted cash and debt free value of approximately £145.8 million. Umeco has also entered into a new five-year committed multi-currency revolving credit facility with HSBC Bank plc and Santander UK plc, comprising £15.0 million, US$15.0 million and US$10 million facilities.

The disposal, which was announced on 20 May 2011, constitutes a Class 1 transaction under the Listing Rules and is subject to the approval of Umeco's shareholders. A general meeting is expected to be held in mid June and completion of the disposal is anticipated during July 2011.

Pattonair is a leading international provider of value-added distribution and supply chain outsourcing services to customers in the aerospace and defence market. Its customers include Rolls-Royce plc, BAE Systems, Safran Group, Parker Aerospace, Goodrich, Thales Aerospace, Turbomeca and Eaton.

Following the disposal, Umeco will focus on developing, manufacturing and supplying its current range of high performance composite materials and ancillary products to customers in the aerospace and defence market.

Andrew Jolly (partner), Connor Cahalane (associate); Financing: Stephen Powell (partner), Lerika Joubert (associate); Tax: Sara Luder (partner), Holly Jones (associate); Pensions & Employment: Roland Doughty (partner), Ben Wright (associate)