Irwin Mitchell Advises Buyers For DavyMarkham
Irwin Mitchell’s award winning corporate team has been involved in another major deal advising India’s leading engineering procurement and construction company, Hindustan Dorr-Oliver Limited (“HDO”) in its acquisition of Sheffield based heavy engineering business DavyMarkham.
HDO was advised on the transaction by James Bullock, Partner in the Corporate team at Irwin Mitchell whilst Deloittes and Ben Hendry of Nabarro looked after the sale side.
DavyMarkham is a 180 year old manufacturing company based in Sheffield, UK and is involved in the design, manufacture and assembly of large equipment used in the mining, quarrying, power generation, oil, gas and nuclear sectors.
Over the years, DavyMarkham has made a significant impact on worldwide engineering and manufacturing, supplying the largest-ever steel mill stand for China and working on a Niagara Falls Hydroelectric project.
Within the UK it has worked on landmark projects such as the Channel Tunnel, Thames Barrier and Underground tunnels and the Gateshead Millennium Bridge.
HDO is controlled by IVRCL one of the leading businesses in the Indian infrastructure industry, with a group turnover exceeding US$1 billion.
HDO intends to invest strategically in new plant and equipments at the Darnall works, continue the company’s successful apprentice training scheme and expand DavyMarkham’s sales and marketing infrastructure, to tap into the opportunities in India.
Kevin Parkin, MD of DavyMarkham said: “It is great news for DavyMarkham’s customers, employees and suppliers, since HDO along with its parent is financially very strong, is very growth orientated and dedicates itself to continuous improvement in all fields of its business.”
“DavyMarkham was on the verge of closure four years ago, but with the financial support of our buyout partners, Endless, we have been able to turn around the business and make it an attractive acquisition prospect.
The firm’s Managing Director, Kevin Parkin and Financial Director, Duncan Hay, will continue in their current roles along with the management team.