Wilkes advise NVM and shareholders on exit from Silverwing Group in a sale to Eddyfi NDT Inc
The Wilkes corporate team, have advised NVM and the other shareholders on their exit of Silverwing UK. Rick Smyth, corporate partner, led the transaction assisted by Mike Linford and Matthew Smith (corporate), together with support from various specialist teams within the firm.
Silverwing develops and manufactures a wide range of Non Destructive Testing (NDT) solutions which are used to inspect storage tanks, vessels and pipework for corrosion, principally for the petrochemical industry. Their corrosion mapping systems are used by many of the world's leading oil companies to help ensure that their refining and storage facilities remain safe to operate.
NVM first invested in Silverwing in 2012 acquiring the business from its founder. Silverwing has since developed their product range, expanded into the USA and launched a training division.
Headquartered in Swansea and with offices in the Middle East (Dubai), Africa (Cape Town) and the USA (Houston) Silverwing is a widely recognised brand within the international NDT market, has patented equipment in use in over 63 different countries worldwide, and is ideally placed to launch further new products across different industries.
Wayne Woodhead, MD of Silverwing said: "We are very grateful to Rick and the Wilkes team for their support over the last few years. Their considerable experience in negotiating these sorts of transactions, as well as their pragmatic and timely response to whatever issues came up, were invaluable in and on helping us achieve a successful exit."
James Arrowsmith of NVM Private Equity said: "All significant transactions throw up their fair share of challenges during the legal process, the sale of Silverwing was no exception. We were delighted with the way in which the Wilkes corporate team helped us navigate through those issues to reach a successful conclusion."
Rick Smyth commented "Having initially acted for management on the buyout in 2012, we were delighted to be instructed by NVM and the other shareholders on the sale. The sale of Silverwing further demonstrates the capabilities of the team to deal with large, multi-jurisdictional transactions. We very much enjoyed working with Wayne and the team and wish him all the best in his new role."
The Corporate team have already completed a number of other significant transactions already in 2016, which include;
• Advising U.S. Forestry Management Company F&W Forestry Services on their UK acquisition.
• Advising Wrights Plastics on the acquisition of Mid West Displays.
• Advising Easy Autocentres Limited on the acquisition of Kingshurst Automotive.
If you would like more information about how Wilkes can help your business, please contact Rick Smyth on 0121 710 5932 or rsmyth@wilkes.co.uk