Multiple Cennox projects for Herrington Carmichael
We have worked with Cennox on completing its successful acquisition of 3SI Security System’s European Division from a Private Equity owner. The deal included challenges around negotiating in relation to Intellectual Property held by the USA parent company of the target. This acquisition has strengthened the Cennox foot print in Europe.
Cennox continued their growth with the acquisition of Acketts Group Ltd, a UK based ATM installation and security business, appointing Herrington Carmichael to advise and support Cennox throughout the acquisition of the UK family owned business and associated bank financing.
The team at Herrington Carmichael most recently supported Cennox with the £23m refinance of its UK based corporate group, which consisted of available facilities being provided by a high street bank. We advised Cennox in relation to a Loan Market Association term loan facility, a receivables finance facility as well as a simultaneous capital reduction which was required to take place on the refinance. We advised and negotiated all of the transactional documents required for the refinance. As security was required to be given by group overseas entities, Herrington Carmichael worked collaboratively with legal counsel based in foreign jurisdictions to ensure that all lender conditions were satisfied and to ensure that existing security held over the overseas subsidiaries were considered alongside the new lenders requirements.
Roy Dodd, Group Finance Director at Cennox “The team at Herrington Carmichael advised Cennox on two 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. I have no hesitation in recommending Yavan and the team.”