Sidley represented Ashtead Technology, an international subsea equipment rental and solutions specialist, in its acquisition of ACE Winches from its founders for total cash consideration of £53.5 million.
ACE Winches is a market-leader in the design, manufacture, and hire of lifting, pulling, and deployment solutions of offshore energy infrastructure. The acquisition, Ashtead Technology’s eighth in the last six years, will expand and complement its existing mechanical solutions service offering. The addition of ACE Winches sees Ashtead Technology’s headcount increase from 320 to over 520.
The multi-million pound deal will be funded by drawing on Ashtead Technology’s revolving credit facility, and is expected to be materially earnings-enhancing by the end of 2024.
The Sidley team was led by partner Tony Downes and managing associate Arabella Robinson (Private Equity), supported by associate Stanley Amoah (M&A). The broader team included partner Jason Menzies (Tax) and associate Fraser Tudor (Tax); and managing associate Alex Down (Labor, Employment and Immigration).
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