Simon Rous and Jane Ireland, Corporate Partners at Ashfords LLP, recently advised the shareholders of Stovax Heating Group Limited on the second tranche share transfer to NIBE Industrier AB, an international technology company creating sustainable energy solutions' based in Sweden.
The Stovax Group is the UK's largest stove and fireplace producer. The group manufactures and distributes wood burning, multi-fuel, gas and electric fires, stoves and fireside accessories. NIBE Industrier AB acquired the first 60% of shares in Stovax Heating Group Limited in January 2013 with Ashfords LLP acting for the shareholders.
Gerteric Lindquist, Group CEO of NIBE Industrier AB commented:
"Stovax has shown strong growth in recent years and is an important part of NIBE Stoves with its size, its strong position in the UK and Ireland and its wide product range for both wood and gas."
Morley Sage commented:
"The completion of the sale of Stovax to NIBE both creates value for the exiting shareholders and also puts Stovax in a position to continue to invest in the future and implement an exciting 5 year plan for growth into new markets and product sectors."
Simon Rous and Jane Ireland said:
"We were very pleased to assist the shareholders of Stovax with the final stages of this ongoing transaction and wish the company every success in the future."