A Lancashire-based company which has become one of the UK’s leading providers of conveyor belt services has been sold to a French company, in a deal supported by Harrison Drury.
Our corporate, commercial property, employment and regulatory teams all advised on the deal which has seen BREC (Holdings) Ltd acquired by Bordeaux-based investment holdings company Richemon Group International.
The deal enables an exit for BREC’s founding shareholder and director Geoff Toft who started the company in 1975. BREC’s existing management team, led by managing director Steve Peruzza, will continue to oversee operations.
Geoff Toft said: “While the ownership of the company has changed, our many customers can rest assured they will get the same quality products and service they have come to expect from BREC and our excellent management team will continue to drive the business forward.”
Jack Stephenson, senior associate solicitor in the corporate and commercial team at Harrison Drury, added: “Geoff has spent almost 50 years building BREC into the successful business it is today. As a longstanding client of the firm, we’re pleased to have supported him in securing a bright future for the company’s management team, employees and customers under new ownership.”
BREC, which has 40 employees, also has a North East site in Jarrow. The company provides conveyor belts, on-site vulcanising and related services to major businesses across the UK and internationally. Clients include Aggregate Industries, Hanson Cement, Tarmac, Tata Chemicals and Pilkington Glass.
Our deal team included Jack Stephenson and Kerry Southworth (corporate and commercial); Danielle Leeming, Rhian Sale and Ben Foulds (commercial property); Sarah Astley (employment law); and David Edwards (regulatory).
Azets provided advice to Geoff Toft on the financial aspects of the transaction. Julie Flintoff, partner at Azets, said: “It has been a pleasure working with Geoff and the team at BREC over the last 30 years. I am pleased he has secured the longevity and future of the group with this transaction. I am sure the group will continue to thrive under the existing management team and new ownership.”
Richemon Group International, which is controlled by directors James and Samuel Perriez, was advised by Tom Newlyn from London-based law firm Cripps.
Main image: Adobe Stock