Cennox PLC instructs Herrington Carmichael to acquire share capital

Herrington Carmichael was recently instructed by Cennox PLC, a global supplier of Banking Solutions and the partner of choice for many of the world’s leading banks, financial institutions, commercial operations and retail organisations, to acquire the entire issued share capital of Cedardell Limited, which trades under the name Lockpoint.

Lockpoint was formed in 1989 as a security consultancy business, having been active in the development and supply of their successful security device, the Gryphon Locking System, to many major banks and financial companies. A recognisable brand in the industry and robust and reliable security solution, the Lockpoint product, team and facilities will become embedded into the Cennox Group with immediate effect ensuring no disruption of service.

Clive Nation, CEO for the Cennox Group, stated “Cennox has always focused on building the best combination of products and services around the needs of our banking clients. In the sphere of ATM security, Lockpoint has achieved great results and market presence with their Gryphon Locking System. I am excited to see our teams work together with our new colleagues from Lockpoint, to deliver new sales opportunities for these devices to a wider global audience”.

Herrington Carmichael were involved in all aspects of the transaction, from due diligence to drafting and negotiating the share purchase agreement to include complex consideration provisions.

Roy Dodd – Group Finance Director at Cennox said “We have worked with Herrington Carmichael several recent acquisitions and our group refinancing. Throughout these processes I found them very professional, pragmatic and commercial. Resources were available to be brought in when needed to complete transactions to our timetable.”

The majority shareholders of Cedardell Limited were advised by Womble Bond Dickinson (UK) LLP. The WBD team was led by Iain Pritty (Legal Director – Corporate) and assisted by Jessica Christy (Solicitor – Corporate), Gemma Bourne (Solicitor – Tax) and Laura Daniels (Associate – Employment).

About Herrington Carmichael

Herrington Carmichael is a full service law firm offering legal advice to UK and international businesses as well as individuals and families

Rated as a ‘Leading Firm 2020’ by the legal directory Legal 500, Herrington Carmichael has offices in London, Camberley and Wokingham. Our historic connection with our local area consolidates our position as a leading source of legal advice in Surrey, Berkshire, Hampshire and the Thames Valley region.

In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business/ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’.

This reflects the law and market position at the date of publication and is written as a general guide. It does not contain definitive legal advice, which should be sought in relation to a specific matter.

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