Geldards advises the family shareholders of leading manufacturer Elmatic on sale to an international acquirer
Geldards Corporate team has successfully advised the shareholders of Elmatic, one of the UK’s oldest manufacturers of electrical heating elements, on its sale to NIBE Industrier AB.
Established over 75 years ago, Elmatic has grown to become one of Britains’ leading industrial heating element manufacturers and suppliers. Based in a 45,000 sq. ft factory in Cardiff, the company employs over 50 staff, providing custom-built heating solutions to a range of industries.
The acquisition by global heating solutions expert NIBE Industrier safeguards the long legacy of the firm which will continue to operate with the same management team, ensuring continuity for customers. NIBE Industrier is a leading Swedish-based international heating technology company, listed on Nasdaq Stockholm.
Geldards Corporate team led by Partner Alex Butler and supported by Mina Dimitrova (Corporate) and Henry Bright (Commercial Property) and Mari Richards (Employment) provided a full-service approach advising the shareholders on the legal elements of the sale process. Frank Holmes, Cen Thomas and Sean David of Gambit Corporate Finance provided corporate finance advice on the sale of the business.
Commenting on the transaction John Skalitzky, former owner of Elmatic (Cardiff) Ltd, said:
“On behalf of my family and myself, we are reassured by the knowledge that Elmatic’s future will continue under the leadership of NIBE’s group of companies. I would like to thank the exceptional team of employees, who will continue their work in very capable hands. Our special thanks to Caroline Caffell (Elmatic accounts) & Clare Skalitzky (Elmatic Operations Director) who both worked hard in making the transition of Elmatic to NIBE, and in tandem with all the Gambit and Geldards’ teams.
We are grateful for Geldards’ role in completing the transaction on behalf of the shareholders. Alex and the team provided pragmatic and proactive advice that clearly understood our position and helped us navigate through any issues that arose during the process. They gave us confidence that we were in safe hands throughout.”
Commenting on the sale Alex Butler said:
“Elmatic is an industry leader in its sector, and the sale by John and Jacqueline represents a significant moment for this family business. The acquisition by NIBE will give the perfect global platform for the business to grow, whilst maintaining its presence in Cardiff. We were delighted to work with John and the wider team at Elmatic to complete this transaction.”