Penningtons Manches has advised Martin Calhoun on the disposal of three of his companies. In the first transaction, Cromptons Healthcare was sold to MIP – a private equity backed, Canadian-based supplier of high performance reusable healthcare products. With a history that can be traced back to 1926, Cromptons is a leading supplier of reusable and single use healthcare products.
Martin Calhoun said "I'm very pleased to see the business that my team and I have developed over the last 25 years now being acquired by MIP, a global leader in our industry. Cromptons’ loyal employees and stakeholders will be well served by MIP and I'm confident that this combination will fortify our leading market position in the UK and create exciting growth opportunities."
In the other two deals, Certex UK acquired cargo control business Pritchard Tyrite and its sister-company TRS Motorsport Equipment.
Certex is part of Axel Johnson International’s business group AxLoad. The parent company, Axel Johnson, is a $13 billion turnover family business employing more than 22,000 people worldwide. Best known for its range of lashings, curtainsider straps and tarpaulins, Pritchard Tyrite is one of the UK’s leading importers, manufacturers and distributors of cargo control equipment. TRS Motorsport Equipment is a manufacturer and distributor of FIA-approved motorsport safety harnesses, road harnesses, vehicle accessories and carbon fibre products. TRS is a pioneer in motorsport safety with a distinguished history and a solid distribution network.
Oxford corporate partner Will Axtell led the Penningtons Manches team supported principally by corporate associate Nicola Harding. Will Axtell said "We were delighted to work with Martin, a long-standing client of the firm, on these three successful disposals. It was a real team effort and we are very pleased both for Martin and also for MIP and Certex who have acquired some excellent companies."
Martin Calhoun commented: “I was delighted with the successful completion of the sale of my three companies, which inevitably had its challenges and complications. We had to deal with two international purchasers simultaneously and at the same time carry out a complex separation of the various group businesses. However, the Penningtons Manches team, led by Will Axtell, did a fantastic job and ensured that everything went smoothly and to plan."