25 Feb 2022 | 11:25 am |
Multinational law firm Pinsent Masons has advised Rcapital on the acquisition of Nasmyth Group, a leading provider of specialist precision engineering services to the aerospace industry.
Following a competitive and complex transaction process, Rcapital secured an additional £20m of new long-term debt facilities provided by Secure Trust Bank, as part of the deal which will support the business in its post-Covid recovery following the decline of passenger air travel throughout the pandemic.
Nasmyth is a Midlands-headquartered business with international operations in the US, Philippines and India employing over 600 industry professionals specializing in precision engineering and metal treatments.
The Pinsent Masons team advising Rcapital was led by restructuring partner Steve Cottee and comprised a multidiscipline team including restructuring partner Nick Gavin Brown, corporate partner Kieran Toal, finance associate Sara Segura, property associate Ruth Stead and corporate associate Kate Barker.
Commenting on the deal Steve Cottee said: "We are pleased to act for longstanding client Rcapital on their acquisition of Nasmyth Group. The business is now in a positive financial footing which will enable it to emerge strongly from the Covid pandemic as commercial aviation begins to recover to more normal levels. The long-term trends in air travel globally remain strong, and this investment will enable Nasmyth to take full advantage of opportunities within the market as aviation volumes return.”
Launching in 2003, Nasmyth Group has developed its engineering services and established specialists across ten sites worldwide. Nasmyth’s operations span numerous industries including aerospace, defence, marine, medical, instrumentation and specialised automotive.
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