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Susan Sandford
Geldards advise on £127.5m takeover of Castle Support Services plc
Geldards have advised Castle Support Services plc on its £127.5m recommended takeover by Sulzer Holdings (UK) Limited.
Castle Support Services plc is the AIM listed holding company of the Dowding & Mills Group, which provides high quality specialist electro-mechanical inspection, maintenance and repair services. The Dowding & Mills Group, headquartered in Birmingham, has operations throughout the UK, as well as subsidiaries in the United States, Australia and the United Arab Emirates.

Sulzer Holdings (UK) Limited is a subsidiary of Sulzer Ltd, a Swiss company listed on the SIX Swiss Exchange with a market capitalisation of approximately CHF3.2 billion. The Sulzer Group is active in over 120 locations worldwide, employing some 12,000 people, and specialises in the manufacture of industrial machinery and equipment, surface technology, and rotating equipment maintenance.

The recommended cash offer by Sulzer Holdings (UK) Limited was announced on 2 June 2010 and, after receipt of acceptances of the offer in respect of more than 90% of the Castle shares, was declared unconditional in all respects on 3 June 2010.

The Sulzer Group and the Dowding & Mills Group have complementary strengths and service offerings, and the takeover will provide the Dowding & Mills Group with a stronger platform to accelerate its long term future growth, international development and expansion.

The team was led by Geldards Partner Susan Sandford who said “This was a particularly satisfying deal. Not only was it for a client for whom we have acted for a number of years and have seen grow over that time, but we were also challenged by the tight timescales demanded. We relished the opportunity to meet these challenges and I am proud of the commitment shown by the team in ensuring the success of the deal.”

She continued “We wish the Sulzer Group every success with this excellent acquisition, which we believe will see both businesses go from strength to strength.”
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