23 November, 2018
Top Tier Dorset commercial solicitors Steele Raymond LLP have advised the selling shareholders of Dorset-based PDQ Airspares (PDQ) on the sale of their business to Fastener Distribution Holdings (FDH) a US business back by Audax Private Equity.
Incorporated in 1990, PDQ has grown to become a leading global distributor of aerospace consumables and provider of supply chain management services to maintenance, repair and operations (MRO) and airline customers.
PDQ, which has offices in Fordingbridge and Singapore, will join Fastener Distribution Holdings’ international network.
PDQ Director Clare Lewis said: “It has been a 28 year commitment to grow PDQ to the success it sees today – something we are very proud of. We are excited to join FDH team as we continue to grow our combined businesses. We continue to be committed to delivering the same high level of service and consistency that our customers expect.”
The transaction was led by Partner and company and commercial solicitor Nick Davies who is noted in the 2018-19 Legal 500 as being “proactive and commercially minded”. The Steele Raymond team provided advice on a wide variety of legal matters including company law, finance and banking, property and employment matters.
Nick said: “It has always been a pleasure to work with Clare, Nic, and Chris at PDQ and their success has been driven by a clear strategy for growth. Transactions with overseas buyers always add layers of complexity but the team at Steele Raymond are able and used to regularly dealing with this type of complex international M&A work. We were able to deal with the Singapore and US legal aspects via our growing network of international firms. Whilst uncertainty remains around Brexit and Sterling’s future value we are continuing to see more and more foreign buyers for UK assets and we look forward to continuing to deal with this type of work.”
“Steele Raymond’s understanding of the aviation industry helped the legal process run much more efficiently. This coupled with having a team of commercial solicitors that we have worked with for several years really did benefit the transaction and I thank the team at Steele Raymond who were exceptionally professional throughout.”