PKF has advised on the sale of UK based sales and distribution arm Commercial Vehicle Hydraulics Limited (CVH) to Italian company OMFB Spa.
OMFB, which has global revenues in excess of £75m, adds CVH to its Group Companies in Italy, France, Spain, Australia, China and India. CVH will remain as the trading name of the business following the acquisition.
PKF said the deal was brokered in Italy by David Nelson, senior partner at PKF Smith Cooper, who led negotiations on behalf of the shareholders of CVH. Legal advice to the shareholders was provided by Murray Macnab and Jennifer Geary at Ellis-Fermor and Negus.
Carl Hinds, managing director of CVH, said: “the acquisition by OMFB will allow CVH to increase its product and service offering in the UK for the benefit of its current and future customers.”
Philip Waterfall, chairman and founder of CVH, added: “throughout the 30 years of partnership with OMFB, we have shared an ethos of product and service excellence. I am proud that such a fantastic and world-renowned business has decided to preserve that relationship for the future through its acquisition.”
Murray said: “It was a privilege and pleasure to work with all involved to bring this to a successful conclusion.”