Trethowans Solicitors acts on the sale of Sealock Limited
The Corporate Team at Trethowans has acted for the shareholders of Sealock Limited on their disposal of the entire issued share capital to Follmann Chemie GMBH, a German based company.
Sealock develops, produces and sells hot-melt and water-based adhesives for the packaging industry, which complements Follmann’s existing portfolio. Sealock was founded in 1983 by John Young and in recent years his son Chris Young has lead the family-run company as Managing Director. The new board of Sealock will consist of Chris Young, Rob Ladd (Finance Director) and Dr. Thomas Damerau (Representative of Follmann).
“The transaction matches perfectly with our growth strategy in adhesives” says Dr. Henrik Follmann, shareholder of Follmann. “In selling these products through the Follmann organisation, we will be able to develop significant growth opportunities, especially for the German market, where Sealock is not running any business activities yet. For this reason, the outlined strategy will strengthen the position of both Sealock and Follmann.”
Sealock currently employs 20 people in the UK and achieves an annual turnover of circa €6m. The company has a 100 % subsidiary in Poland and has interests in adhesive companies based in France (Sealock Sarl) and Russia (Intermelt ZAO).
The corporate aspects of the transaction were dealt with by Mike Watson, Jamie Earley and Jason Riley, who were supported by Tom Mitchell (Commercial Property) and Kathryn Casey Evans (Employment).
Mike Watson said: “We were delighted to assist Chris and the rest of the Young family with the sale and it was a real pleasure to work with them on the transaction. Follmann has a great reputation and I wish both the Young family and Follmann success in the future.”
Chris Young said of Trethowans: “With Sealock’s Polish subsidiary and the shareholdings in companies in France and Russia this was never going to be a straight forward transaction. The professionalism and capability of the Trethowans team was outstanding and they provided total clarity and support at every stage.“