The corporate team in the Bristol head office of national law firm TLT and accountancy group KPMG’s corporate finance team in the city have advised on a major and highly complex transaction in the industrial minerals market.
The sale of Somerset-headquartered family business Francis Flower to Swedish state-owned LKAB Minerals – one of the world’s leading producers of highly upgraded iron ore products – will result in it being fully integrated into LKAB Minerals’ existing UK business. 
Founded in 1953, Francis Flower built its business through recycling by-products from industrial process to provide a range of products and services to customers in the construction, agriculture, paints, plastics and pharmaceutical sectors.
The group employs 130 people across four sites in England – Gurney Slade in Somerset, Scunthorpe, Wicken in Cambridgeshire and Runcorn.
It sells around £70m worth of mineral products across multiple sites in the UK to customers including Tarmac, Hanson and Cemex. LKAB plans to strengthen its offer to the building and construction industries.
TLT partner Andrew Webber led the firm’s team advising Francis Flower alongside corporate associate James Webb and solicitor Holly Evans. KPMG’s Bristol corporate finance team working on the deal was led by office senior partner Andrew Hodgson and associate director John Levis.
Francis Flower chairman, CEO and main shareholder Adrian Willmott is to resign following completion of the sale but remain in a consultancy capacity during an integration phase.
He said: “The TLT team delivered exactly what they promised at the outset of the deal. They kept me in the know at all times and Andrew, James and the team were always on hand when I had a query. The team hit what were often short deadlines and throughout took the time to listen and understand our objectives which is exactly what they delivered on.”
Andrew Webber added: “This was a complex deal requiring a multi-disciplined team across the firm, who understand the sector, to ensure that it was negotiated effectively and in a timely manner.
“Having known Adrian, the other shareholders and management team of Francis Flower for a number of years, it was a real pleasure to work with them on this transaction which recognises the fantastic business that they have built.”
LKAB was advised by Bird & Bird, Handelsbanken and E&Y.
