The corporate team of leading law firm Penningtons Manches has advised the shareholders of the Norbar Torque Tools group of companies on the sale of the group to Snap-On Inc, which is listed on the New York Stock Exchange, for approximately US$72 million.
Norbar is a leading European manufacturer of a full range of torque products including wrenches, multipliers and calibrators. For Snap-On, Norbar brings high-powered torque tools that complement and expand the company’s existing torque offering, whilst Norbar gains access to existing technologies within the Snap-On group which will allow it to accelerate product development and grow production at its Banbury site.
Corporate partner David Tighe, based in Oxford, led the firm’s team, supported principally by corporate associate Nicola Harding.
David said: “It’s been great to work with the Norbar team on such a high profile transaction for the region. Norbar has a wonderful reputation which has been developed through the ownership and guidance of the Brodey family spanning three generations. I’m delighted that the current members of the family who manage the company will remain as part of the company’s management post-completion and wish them every success in the future.”
Norbar managing director Neill Brodey commented: “It was a pleasure to work with David, Nicola and the rest of the Penningtons Manches team on the transaction. They provided fantastic support to us in what was a momentous transaction for the shareholders, and their guidance through this complex and highly time sensitive process was absolutely invaluable.”
Penningtons Manches and fds Director Services represented the sellers. The buyer was represented by Stephenson Harwood and PwC.