Pinsent Masons advises Heidelberg Cement on sale of Building Products Division
19 Jan 2015 | 03:54 pm |
International law firm Pinsent Masons has advised Heidelberg Cement on the UK aspects of the sale of Hanson Building Products to US private equity investor Lone Star Funds.
The aggregate purchase price of US$1.4 billion includes US$100 million payable in 2016 depending on the performance of the business in 2015. The deal is due for completion in the first quarter of 2015.
The sale includes the building products businesses in North America (excluding Western Canada) and the UK.
Hanson Building Products is one of the largest brick producers in North America and the UK, as well as being a leading manufacturer of concrete pressure and gravity pipes in North America. In the UK the business employs a staff of 1,500 and has an extensive network of 18 production sites, including 9 brick plants including those at Measham in Derbyshire, Desford in Leicestershire, Wilnecote in Staffordshire and Kirton in Nottinghamshire.
The sale of the business is consistent with Heidelberg Cement's strategy of focusing on processing and refining raw materials for its core products of cement and aggregates and further downstream activities.
The Pinsent Masons team was led by Corporate Partner, Andrew Kerr, supported by Catherine Hemsworth, Tom Ralph and Stephen Crowther (corporate), Jon Robinson (tax), Ed Sunderland and Vicky Baker (banking) and Laura Seath (commercial).
Andrew Kerr commented: "We were delighted to work closely with Heidelberg Cement and the Hanson UK team on this significant disposal of a non-core business".
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