BHP Corporate Finance has acted as lead advisors to Stride Supplies Limited, the UK’s leading stockholder of spring wire, in its acquisition of Direct Wire Limited.
The deal is of strategic importance to Stride Supplies as it cements its position as the leading provider of its wide range of stainless and high carbon spring wire to the UK automotive, aerospace, medical and associated industries. The transaction will provide Stride with access to new customers and suppliers, as well as additional warehouse space which will facilitate further organic growth.
Graham Howes, Chairman commented: “This acquisition is one of a number of initiatives the board has been working on with BHP as part of Stride Supplies’ strategic business plan. We are delighted to have completed the purchase of Direct Wire and we look forward to continuing its dedication to its customers and the commitment to service and quality that is a hallmark of both companies.
“We are very grateful to BHP Corporate Finance for their unwavering support and dedication to ensuring the transaction reached a successful conclusion.”
Andy Haigh led the advice on behalf of BHP Corporate Finance, working alongside David Mitchell, Head of Advisory at BHP. David Mitchell commented: “As retained advisors to the board we have been closely involved with developing Stride’s strategic plan. The acquisition of Direct is a natural extension of this work and I am pleased that we have been able to leverage our corporate finance expertise to help deliver this important acquisition.”
Legal advice for the transaction was provided by Simon Morris of Raworths Solicitors. Margaret Hayes led a team which provided funding for the transaction on behalf of Aldermore Bank.
