Pinsent Masons advises Tyman plc on $200m Truth Hardware acquisition, fundraising and move to main market

10 May 2013 | 10:32 am | 1 min. read

International law firm Pinsent Masons has advised AIM-listed Tyman plc on its $200m acquisition of North American building manufacturer, Truth Hardware. The deal is being funded by a debt and equity fundraising followed by a proposed move to the London Stock Exchange (LSE) main market.

Corporate partner Alison Starr led the Pinsent Masons team of lawyers advising Tyman plc on the acquisition which will strengthen its North American capabilities. Truth Hardware will combine with Tyman's existing US division, Amesbury.

Subject to approval, Tyman will seek admission to the LSE main market shortly after completion of the acquistion, £77m fundraising and $100m debt facility.

Alison Starr said: "We are delighted to advise Tyman on such a significant transaction. The institutional investors’ support for the group is testament to the hard work of the management team in delivering the transaction to its shareholders. The real challenge facing us and the other advisors was the inter-play between an acquisition, fundraising and move to the main market which had not been done before whilst also delivering the project on time.”

Pinsent Masons head of corporate, Andrew Masraf, commented: “We are delighted to have advised on this important and strategic transaction for our longstanding client Tyman plc.  Pinsent Masons has an excellent corporate client base and the firm is committed to acting on high profile corporate finance transactions such as this one.  This deal was led by Alison Starr with support drawn from across our UK practice. The firm’s commitment to building our profile in corporate finance has been recently demonstrated by the appointments of Jonathan Beastall and Louise Wolfson from Clifford Chance and Allen & Overy respectively.”

The multi-disciplinary Pinsent Masons team included Alison Starr, Andrew Black, Jenny Malcolm, Alan Chan, Emma Shield, Louise Blair, James Spencer, Eden Walsh and Joe Young (corporate); John Christian and Jon Robinson (tax); Matt Morgan, Pippa Whitmore and Sarah Jay (banking).

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