Microgard, manufacturer of chemical protective clothing has been acquired by global protective solutions group Ansell for £59m.
Bishopsgate Corporate Finance advised shareholders of Hull-based Microgard on the multi-million pound agreement.
The firm designs, manufactures and sells chemical protective clothing to more than 75 countries globally and also has German and Chinese subsidiaries employing 750 people across the group.
Buyer Ansell designs, develops and manufactures a range of personal protection solutions.
Graham Stonehouse, Microgard founder, said: “We are pleased that Microgard is joining forces with Ansell, the recognised world leader in protection solutions.
“Ansell’s global reach, commitment to quality and record of innovation will deliver immediate value to our business, our people and our partners.”
Tom Spencer, director of Bishopsgate, who negotiated the deal said: “This was a long and complex cross-border deal which we are delighted to have completed for the shareholders.
“Achieving an adjusted EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) multiple of approximately nine clearly demonstrates the strength of the Microgard brand and its management team.”
Stonehouse added: “We wish the team a great future developing the business within the Ansell Group.”
“I’d like to thank Tom Spencer at Bishopsgate for his hard work and constant support throughout this transaction. His guidance, sound judgement and clear decision-making eased a complex process and helped ensure a successful completion.”