Bishopsgate advised in £59m transaction of Hull’s Microgard

Hull-based Microgard, manufacturer of chemical protective clothing, has been sold to global protective solutions group Ansell for £59m.

The shareholders of Microgard were advised on the multi-million pound transaction by Bishopsgate Corporate Finance.

Microgard designs, manufactures and sells chemical protective clothing to over 75 countries worldwide. As well as being headquartered in Hull, the company also has a German subsidiary and manufacturing subsidiaries in Xiamen, China, employing 750 people across its group.

Ansell. which was founded over 100 years ago, designs, develops and manufactures a wide range of personal protection solutions.

Graham Stonehouse, Microgard founder, said: “We are pleased that Microgard is joining forces with Ansell, the recognised world leader in protection solutions.

“Ansell’s global reach, commitment to quality and record of innovation will deliver immediate value to our business, our people and our partners.”

Tom Spencer, director of Bishopsgate, who led the transaction, negotiating the deal for the Microgard shareholders and project-managing the sale process, said: “This was a long and complex cross-border deal which we are delighted to have completed for the shareholders. Achieving an adjusted EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) multiple of approximately nine clearly demonstrates the strength of the Microgard brand and its management team.

“We wish the team a great future developing the business within the Ansell Group.”

Graham added: “I’d like to thank Tom Spencer at Bishopsgate for his hard work and constant support throughout this transaction. His guidance, sound judgement and clear decision-making eased a complex process and helped ensure a successful completion.”

Nasim Sharf at Rollits led the legal team providing legal advice to Microgard and its shareholders, supported by Craig Engleman. Baker Tilly’s Hull office provided UK tax advice and PwC prepared the vendor due diligence and gave specialist Chinese tax advice.

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