FRP advises Flexitog UK on international sale to RefrigiWear

FRP Corporate Finance has advised European supplier of cold temperature protective clothing Flexitog UK Ltd on a multi-million-pound deal that will see US firm RefrigiWear acquire a 100% stake in the business.

Founded in 1979, Flexitog is a European developer and supplier of its own-brand cold temperature protective workwear. Its products have been used to support the 2010 British Antarctic Expedition and in the Irish WingSuit Team’s attempt at a record-breaking jump from 35,000 ft in 2017.

Led by partner Mark Naughton, associate director Freddie James and assistant manager Kush Kunwar, FRP’s Bristol team was appointed to provide sell-side advice to Flexitog after an initial approach from RefrigiWear.

This involved leading negotiations on valuation as well as project managing the transaction through the due diligence and legal processes.

The deal, which was backed by US private equity house Sentinel Capital Partners, will give Georgia-based RefrigiWear a new platform in the European market.

It will also allow Flexitog the opportunity to expand into new territories and industries, with the company’s management team set to reinvest into its new parent company.

Rolf Lyon, managing partner at Flexitog UK Ltd, said: “Our new relationship with RefrigiWear will allow us to share resources with another innovative, industry leading business. This collaboration will help drive international growth as part of RefrigiWear’s efforts to become the leading global provider of cold weather clothing.

“We are grateful for the advice and support from FRP Corporate Finance throughout this transaction. We chose our advisers based on their strong reputation, knowledge and experience – they delivered exceptional advice at every stage to ensure a smooth deal process.”

Mark Naughton, partner at FRP Corporate Finance, added: “Flexitog is an excellent business that has a strong track record of delivering industry-leading products within the cold temperature clothing market so it is easy to understand RefrigiWear’s interest in acquiring the company.

“It was a pleasure to work with Rolf and his team to help them complete this transaction. The deal represents an exciting opportunity for everyone involved as, together, these businesses can help each other expand into new markets whilst strengthening their presence in existing territories.”