Our Corporate Finance team were delighted to advise the shareholders on the sale of Knowlton & Newman Ltd to Rubix UK, for an undisclosed sum.
As a long-established family company, employing 65 staff across sites in Southampton, Portsmouth and Chatham, Knowlton & Newman specialises in the repair and replacement of electric motors, pumps and gearboxes throughout the South of England. Their key customers operate across the utilities, marine, pharmaceutical, food, aggregates and power generation sectors.
Whilst continuing to operate independently, Knowlton & Newman will be ‘powered by Rubix’ – playing a key strategic role in extending the Rubix offering in elector mechanical repairs solutions. The acquisition will also add a Southern regional hub to existing engineering service centres in the Midlands, North and South West of England.
Led by John Foundling, the Menzies corporate finance team advised Knowlton & Newman on all aspects of the disposal, ensuring a smooth and efficient process to completion throughout the very challenging covid-19 period.
Mike Knowlton, Managing Director of Knowlton & Newman, commented: “Menzies supported us through the process over the last couple of months enabling us to complete the transaction on 31st December. Working alongside Paris Smith, Menzies support was invaluable in managing the process, helping us to realise the value. Both firms worked very closely together with a positive and proactive approach to problem-solving. Now we are really looking forward to leveraging the Rubix UK network to accelerate sales, as well as capitalising on Rubix’s technical expertise in providing other key maintenance and repair solutions to expand our offer to our customers here in the South of England.”
John Foundling, Menzies Corporate Finance Partner, commented:
“Menzies are delighted to have helped the Knowlton’s complete the transaction, and realise the value that they have built over the years. What a great business, with an excellent reputation for quality service, they will fit well within the Rubix portfolio. I look forward to seeing the business continuing to thrive in the years to come.”
Amanda Brockwell, Paris Smith Solicitors, led on all the legal aspects of the transaction advising the vendors from the outset, through to completion.
For further details on this deal, please contact: John Foundling, corporate finance partner, via email at: jfoundling@menzies.co.uk or call +44 1489 566 706.
About Menzies Corporate Finance
Our award-winning team take a quality driven, proactive and personal approach to advising transactions. Our corporate finance team will provide you with director-level advice and support, while working alongside other Menzies employees from the wide ranging skill set available within the firm, to ensure that the advice we give encompasses all your needs.