Addleshaws sneaks client from Travers

A corporate finance partner in the Manchester office, Stephen Houston has advised Oystertec on its £28m acquisition of the European fittings division of Delta.
Houston said: "We're particularly pleased with winning this major piece of work for this significant client since it originally sourced its legal advice for its float last February in London." Travers Smith worked on the original flotation of Oystertec.
Oystertec has developed a piping system for a number of industries. In purchasing part of Delta, the company has bought a distribution network for its products. Houston said: "We're absolutely delighted, because it's one of the few deals to have got away after 11 September."
It will be funded partly by an open offer of new ordinary shares on AIM and partly through raising £20m through financing arrangements with Burdale Financial. The deal is set to complete next week.
Eight different overseas law firms were involved in the deal. Houston said that coordinating the various parties was a difficult job. Delta's distribution network stretched from Portugal to Poland.
The instruction came to Houston via partner Mark Warburton, who acts for Oystertec creator Paul Davidson. Delta was advised by Lovells, Memery Crystal acted for the stockbrokers and Theodore Goddard represented Burdale.