The Manchester-based chemicals sector team at Clearwater Corporate Finance has advised Coventry-based Norman Hay plc, the specialist chemicals and systems group, on the £2.4 million sale of 30 per cent of the issued share capital of TAM International, its construction chemicals division, to Normet Group, a global manufacturer of equipment for mining and underground construction.
Normet has been granted a call option for two years from 31 May 2014 for the remaining TAM shares. Should Normet choose to exercise this option, the minimum due for the remainder of Norman Hay’s equity in TAM is £5.1 million, while the maximum is £14.25 million.
Founded in 1982, TAM specialises in chemicals and systems for waterproofing, leak sealing, repair and protection for civil construction, underground construction and the general building industry. Headquartered in Finland, Normet has been developing, manufacturing and marketing equipment and vehicles for mining and underground construction for 40 years.
Normet, which has 23 global outlets, will significantly boost TAM’s distribution capabilities. In addition, the joint venture unites the construction chemicals of TAM with Normet’s world leading range of equipment for concrete spraying, explosive charging and underground logistics, both of which are commonly used in the tunnelling and mining industry.
Philip Nuttall, partner at Clearwater, said: “TAM and Normet complement each other extremely well and the deal represents significant opportunities for both businesses. Normet can now add TAM’s products to its existing packages for mining and tunnelling, providing a better-rounded service to its customers.”
Vic Bellanti, CEO at Norman Hay, commented: “Clearwater provided Norman Hay with advice on the business valuation and negotiating tactics. Their assistance in these areas was pivotal to a successful deal completion.”