Hammonds instructed on Hamsard’s Polypipe buyout

Hammonds has advised Hamsard 3054 on a multimillion-pound secondary buyout of one of Europe’s leading plastics manufacturers.

Hamsard’s management team instructed Hammonds on the buyout of Polypipe. The exact value of the deal has not been disclosed, but according to the firm it is significant.

Hammonds corporate partner James McKay led the transaction for Hamsard and was assisted by six other partners, including banking partner David Sachs and tax strategies partner Mark Simpson.

Hamsard bought Polypipe from US private equity house Castle Harlan with the support of an integrated debt and equity package from Bank of Scotland Corporate. Skadden Arps Slate Meagher & Flom advised Castle Harlan, while DLA Piper was instructed by Bank of Scotland.

Under the terms of the transaction, the Hamsard management team will hold the majority of the equity in Polypipe, with Bank of Scotland taking a substantial minority stake in the company.

Castle Harlan invested in the original management buyout of Polypipe in September 2005. At that time it backed incoming CEO David Hall when he acquired the business from engineering company IMI.

Polypipe employs more than 2,800 people and operates in five European jurisdictions, as well as in China.