TLT has advised Mobile Windscreens, the UK’s largest independent vehicle glass replacement company, on its acquisition by Ryds Bilglas AB, a leader in Scandinavia.
Mobile Windscreens reported revenues in excess of £40 million last year and has grown since it was established in 1971 to 35 fitting centres and a fleet of more than 230 mobile units across the UK.
TLT’s latest M&A report revealed an increase in the number of cross-border acquisitions in the UK – a trend that has continued as UK businesses seize upon the interest from overseas companies in investing in UK businesses and expanding into the UK.
The deal will enable Mobile Windscreens to continue to deliver market leading services and expand its business in the UK, while benefitting from the strength of an international market leader.
All management, except for retiring founder and principal shareholder George Douglas, and staff will remain in their positions.
The TLT team was led by John Wood, partner and head of corporate, and James Webb, corporate associate. James was named Young Dealmaker of the Year at the South West Dealmaker Awards 2018.
The TLT team also included partner Chris Crighton (pensions), legal director Mark Braude (tax), solicitor Holly Evans (corporate) and solicitor Hayley Butler (employment).
Phil Lomas, managing director of Mobile Windscreens, says: “Bilglas recognise that a large part of our success is down to the hard work, dedication and expertise of our employees. We are entering an exciting new chapter and grateful to the whole team at TLT for leading us through the process to a successful conclusion. Their support, guidance and good humour has been second to none.”
James Webb, associate at TLT, says: “Despite the uncertainty around Brexit, the UK remains one of the largest recipients of foreign investment. This and the UK’s continuing role in the global investment and M&A market show the UK remains very much “open for business”. The sale of Mobile Windscreens is an exciting step for the business and will help to facilitate its future growth.”