The corporate team from the Manchester office of national law-firm, Shoosmiths has advised private equity firm, NorthEdge Capital (NorthEdge), on its investment into TKC, a Greater Manchester-based kitchen trade supplier.
The investment was used to back a management buyout of TKC and to secure a majority stake in the £19m-turnover business for NorthEdge.
This is the first deal where Shoosmiths has advised NorthEdge. The national law firm was appointed to provide a range of legal support to NorthEdge including advice around corporate M&A , private equity, banking, tax, employment and legal due diligence.
NorthEdge has backed the incumbent TKC management team in the buy-out. The team comprises commercial director, Chris Hazelhurst, finance director, Paul Arrowsmith, operations director, Dave Grayson and supply chain director, Brian Wade.
The deal also sees company founder Tom Kelly and director Hayley Kelly exit the business.
Founded in 1989, TKC currently employs 128 staff and operates out of 85,000 square-foot, purpose-built premises in Denton. The business provides kitchen retailers, manufacturers and local installers with a wide range of contemporary, classic and traditional doors and components. Since being established, the company has experienced strong revenue growth, with turnover reaching £19m in the year to September 2015.
Assisting corporate partner Kieran Toal on the transaction was partner Lynn Knight, senior associates Damien Brown and Kelly Prestidge, associate Kiran Virk and trainee Rick Thomas (corporate); partner Liz Sweeney, senior associate Ruth Evans and trainee Ketan Mistry (banking); Kate Featherstone (tax); and senior associate Danielle Ingham and solicitor Katie Marsden (employment).