The corporate team from Sheffield’s Taylor&Emmet LLP has helped the shareholders of a local precision engineering company make a successful exit from the firm.

Taylor&Emmet has acted for the shareholders of Chesterfield-based Chenalord in the sale of their interest to Hormell Holdings Limited.

Chenalord was established in 1982 and is now a leading global supplier of products used in the drilling and quarrying industries, including adapters, shock absorbers and hammer spares.

Taylor&Emmet’s Peter Crawford, a specialist in corporate finance, led the deal after being referred to the Chenalord shareholders by accountants, Hewitt Card in Mansfield. Funding for the transaction was provided in part by Barclays Bank.

Peter commented: “It was a pleasure to assist the Chenalord shareholders in this transaction. They have spent 27 years building the company and it is very satisfying to help realise that hard work. Taylor&Emmet is enjoying a growing reputation for its corporate deals and it is gratifying to have our skills recognised and recommended by the companies we work with.”

Keith Allen, one of the founding Chenalord shareholders, will remain with the company to help the buyers grow the business further. He said: “Concluding any transaction in the current climate is challenging and Taylor&Emmet’s pragmatic, capable advice was key to the success of this deal.”

Jenny Hormell, a director of Hormell Holdings, added: “As the former owners of Hormell Engineering and Ground Source Solutions, we have gained more than 25 years experience in the drilling industry. Under our management, Chenalord will be moving to purpose-built premises and we will be investing in new machinery, to increase production and develop new product lines.”

The Chenalord exit is one of a number of transactions handled by Taylor&Emmet’s corporate team over the last few months. Department head, Tony Wilkinson, has also acted for the shareholders of A Preen and Associates, a nationwide electrical appliance testing company based in Milton Keynes. Alan Preen, one of the exiting shareholders, said: “The advice provided by Tony and his team was first rate. This business represented many years of time and effort and it was important that our exit was handled correctly.” 

To speak to a member of Taylor&Emmet’s corporate team about a possible deal, or any other matter, telephone (0114) 218 4000 or visit www.tayloremmet.co.uk

Issued: 8.9.2009