Higgs advises US listed corporate on $34 million global acquisition
Article date: 17/05/2013
Leading law firm Higgs & Sons has advised a US-based corporation on its multi million-dollar acquisition of a global high precision machine tools business.
The Midlands-based firm acted alongside US attorneys Phillips Lytle LLP on behalf of Hardinge Inc., a US Nasdaq-listed company, for its acquisition of Forkardt from Illinois Tool Works in a $34 million transaction. Higgs supported Hardinge on the UK, French, Swiss and German elements of the deal.
John Heaton, a partner in the corporate team at Higgs, supported by Jamie Partington, worked with Hardinge on the deal. John said: "We were delighted to look after Hardinge's interests in respect of the European elements of this transaction. This follows quickly on from acting on behalf of Hardinge's UK subsidiary, on the landmark transfer of its machine tools sales and service businesses to the Engineering Technology Group."
Speaking about the deal, Richard L. Simons, chairman, president and chief executive officer of Hardinge, said: "Our acquisition of Forkardt will strengthen and expand our leadership position in speciality workholding solutions around the world. As lead counsel in Europe, Higgs provided expert, instant support exactly where it was required and played an integral role in guiding us through this complex cross-jurisdictional transaction."
UK-based John McTernan, Hardinge's European sales and marketing director commented: "The past 18 months have been an exciting and challenging period in the management of the business and Higgs' support, defined by a commercially focused and partner-led approach, has been invaluable."
Jamie Partington, recent winner of Birmingham Young Professional of the Year in the legal category, joined the team in January. Expanding, and experiencing significant deal activity over the last 12 months, Higgs' 16 strong corporate team continues to buck the trend.
Higgs & Sons works from two offices in the Midlands, including Waterfront Business Park in Brierley Hill. The firm employs 200 people, which includes over 100 specialist lawyers.
To find out more about Higgs & Sons call 0845 111 5050 or visit www.higgsandsons.co.uk.
Picture: L-R John Heaton and Jamie Partington of Higgs & Sons