Penningtons has acted for the shareholders of WG Healthcare UK Limited on the sale of part of the business to Wright Medical Technology, Inc, a US headquartered global orthopaedic medical device company listed on the Nasdaq Global Select Market.
WG Healthcare manufactures and distributes a range of innovative products for orthopaedic surgery and has a strong UK market presence. Headquartered in Arlington, Tennessee, Wright Medical Technology, Inc has been in business for more than 60 years and has approximately 1,300 employees. The company anticipates full year 2012 net sales to be in the range of $476 million to $485 million.
Penningtons provided general corporate, tax, employment and real estate advice for WG Healthcare including the drafting and negotiating of the SPA and tax covenant/tax warranties, together with new service contracts for the company.
The team also advised on the separation of part of the business which Wright Medical Technology, Inc did not acquire via a three-cornered demerger to a newco incorporated by WG Healthcare.
Mark Goddard, marketing director of WG Healthcare, said: “Penningtons provided us with support and advice all the way through the process of selling our company. They were professional yet approachable and explained the complexities of the legal jargon, ensuring that on the key points of our deal we were not left exposed. Their experience across the different areas involved in the sale – legal, financial and employment - meant that they were in a position to address the many aspects that arose during the process. We would not hesitate to use Penningtons again in the future and would recommend the team to anyone embarking on the sale of their business."