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WEST ADVISERS DELIVER ANOTHER MID MARKET INTERNATIONAL SALE

Sale of UK oilfield specialists in the face of the credit crunch 

Despite the “credit crunch”, the West‘s top independent specialist advisers on management buyouts (MBOs) and company sales has arranged the cross-border sale of a leading UK oil-industry engineering business.

Bristol-based Momentum Corporate Finance completed the sale of Techman Engineering Limited, a global provider of precision products for oilfield applications, to Austria‘s Schoeller Bleckmann Oilfield Equipment AG.

Having won a competitive process to be appointed by the shareholders of Techman Engineering, Momentum handled negotiations with all potential buyers before completing the deal with Schoeller Bleckmann, a publicly quoted company listed on the Austrian stock exchange.

According to Rob Crews, a partner at Momentum:  “This is another good example of high quality British businesses being attractive to significantly larger foreign enterprises.  With a global customer-base for their range of precision-engineered oilfield drill collars and pipeline products, Techman Engineering has achieved quality approvals from all the world‘s leading oilfield companies. 

“Momentum‘s experience of identifying and negotiating with foreign purchasers has been important at a time when the UK economy is weak, making global reach essential to maximise proceeds for vendors.”

This transaction takes the total value of deals finalised by Momentum so far in 2008 to more than £80 million.  Since its launch in Bristol, just three years ago, the team at Momentum have completed transactions worth in excess of £350 million.

Momentum‘s newest partner, Alastair Boorman, said:  “The ‘credit crunch‘ has had a severe impact on the global market for major corporate transactions – from MBOs to mergers and acquisitions.  We have been able to buck this trend by having, in Bristol, a team of recognised specialists, with a proven track record of getting deals over the line”.

END               16th October 2008

For further information please contact David Sturgess, Sturgess Van Damme, on 01275 349011 or email david@sturgessvandamme.co.uk