Member Article

Neighbouring North East lawyers and accountants help Tesserrae secure second acquisition

Tilly Bailey & Irvine Solicitors and Evolution Business and Tax Advisors have once again worked with an ambitious new holding company to complete its second acquisition.

North East-based Tesserrae Holdings (2013) Ltd has completed the acquisition of Betabite Hydraulics and Engineering Ltd, a Runcorn-based manufacturer of hydraulic couplings and accessories, for an undisclosed sum.

To complete the deal, John Walters and Craig Malarkey from Tilly Bailey & Irvine Solicitors provided legal support, while Andrew Fotheringham and Matt Waters of Evolution LLP provided advice on the funding and accountancy aspects of the deal.

Betabite is the second acquisition by Tesserrae Holdings, following Cambridge-based Cambmac Limited earlier in 2014.

Tilly Bailey & Irvine Solicitors is the Tees Valley’s largest full service law firm with offices in Wynyard Park, Stockton on Tees, Hartlepool and Barnard Castle.

It has a multi-disciplinary business law team, based at Wynyard Park, offering expertise in fields including commercial property, mergers, acquisitions and disposals, intellectual property, employment law and dispute resolution.

Director of Tesserrae Holdings, Doug Bedford, said:“The efforts and expertise of Tilly Bailey & Irvine Solutions and Evolution LLP have helped secure this second deal, and we continue to work closely with both firms as we assess potential future acquisitions.

“Betabite and Cambmac both have similarities in their manufacturing processes, which has already enabled us to put Cambmac work through the newly-acquired company.

“Betabite’s location is important, and we now aim to raise its profile as a manufacturer of bespoke components serving the North West.”

Associate Solicitor with Tilly Bailey & Irvine Solicitors, Craig Malarkey, said: “Once again, we’ve enjoyed working closely with our Wynyard neighbours to help Tesserrae Holdings close this deal.

“As well as preparing the main transactional documents, and overseeing the corporate governance to completion, our commercial property specialists have assisted in the transfer of property leases.

“Tesserrae Holdings is led by two directors whose skills complement each other, bringing their own areas of expertise to both the acquisitions and the ongoing growth of these businesses.”

Head of Corporate Finance at Evolution LLP, Andrew Fotheringham, added: “Having completed the acquisition of Betabite, we are continuing to work with Tesserrae Holdings.

“They are committed to building the Tesserrae group, and we will support them as they investigate potential acquisitions which fit their business model.”