Global law firm Ashurst is advising Moelis & Company, as financial adviser to MPE Bid Co, MPE Partners IV (TE), L.P. and MPE Partners IV (together, MPE), on the recommended cash offer for Renold plc (Renold).
Renold is a leading designer, engineer, manufacturer and supplier of premium, high specification industrial chain and torque transmission products. With manufacturing facilities located across Europe, North America and Asia, Renold supplies a large number of international customers, across a broad range of industrial power transmission markets. MPE (or Morgenthaler Private Equity) is a private equity firm focused on lower middle market leveraged buyouts, recapitalizations and build-up investments with entrepreneur- and family-owned businesses and corporate divestitures. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services.
The cash consideration payable to Renold under the terms of the acquisition will be financed by: (i) equity to be provided by MPE, funds managed or advised by RCP Advisors 3, LLC, credit funds managed or advised by affiliates of Ares Management Corporation and from entities managed by Siguler Guff Advisers, LLC and (ii) debt to be provided under an interim facility agreement.
The Ashurst team is being led by corporate partner James Fletcher, supported by senior associate Colin Bugler and associates Sylvia Lloyd-Morris and Patrick Chambers. Partner Tim Rennie and senior associate Asil Robertson are advising on finance matters.
