Pictured above: Berryman's Patrick Billyeald led the
corporate team that advised Purico Group, on the sale of one of its
China-based operations, in a deal valued at EUR 22.5
million
The corporate team at Midlands law firm Berryman has advised the
Purico Group, founded and owned by Nottingham based entrepreneur
Nat Puri, on the sale of one of its China-based operations, in a
deal valued at EUR 22.5 million.
The company, Shandong Puri Filter and Paper Products Limited
(SPF) based in north-eastern China, produces transportation
filtration media and has a plant in Binzhou, where it employs 170
people.
It has been bought by Finnish business Ahlstrom Corporation of
Helsinki, a global leader in the development, manufacture and
marketing of high performance non-wovens and speciality papers,
which has offices and production facilities in more than twenty
countries on six continents. Ahlstrom is quoted on the NASDAQ OMX
Helsinki.
Under its new owners, SPF will be part of Ahlstrom's Filtration
Business Area, which accounts for one-fifth of the Group's net
sales.
Berryman's team was led by Partner Patrick Billyeald, who has
known and worked with Nat Puri as a client for over thirty years.
He explains: "This transaction marks Berryman's first deal
involving a China company. This brought with it a number of
specific challenges, notably understanding Chinese regulatory
requirements, as well as their customs, practices and cultural
differences. Whilst China has a Western-based legal system, it is
still in relative infancy so processes don't always work in the
same way as in the UK.
"The international flavour of the deal was further enhanced by
the purchaser being a Finnish organisation, and the holding company
of SPF being in the Isle of Man."
SPF was part of the international Purico Group
(www.purico.co.uk) which has its headquarters in Nottingham and
which has sales of over £200million and employs more than
3000 people in the UK, USA, Germany, Mexico, Czech Republic,
Hungary, India, Mexico, China and Hong Kong. The deal was led by
the Purico Group's Chairman Anil Puri.
In most of its businesses, Purico has several different sites in
different locations and it had wanted to follow the same strategy
with SPF
Anil Puri, said: "SPF was the only filter paper company owned by
the Group. Although it gave us additional entry into the automotive
industry, we were limited by being the single operation based in
China. The decision to sell SPF wasn't an easy one, but its new
owners, the Ahlstrom Corporation, regard the location as an
integral part of its expansion in Asia."
Anil Puri added: "Patrick and Berryman were most effective in
managing and co-ordinating the legal aspects of the transaction
ensuring all parties were kept informed at all times, despite the
international spread of so many of the individuals involved, and
that the deal was completed within the very tight timescale
required by both parties."
City law firm Speechly Bircham acted for Ahlstrom Corporation on
the acquisition. Ahlstrom's advisors in China were law firm Fangda
Partners and KPMG Advisory (China) Limited.
Berryman is a Midlands' law firm based in Nottingham, which
provides an extensive portfolio of legal services within four key
areas: Business Services, Property & Construction, Insurance
Services and Private Client. It employs over 130 people and has 17
partners. For more information, T: 0845 310 7200, or visit www.berryman.co.uk.