Cross-border transactional lawyers at Bristol-headquartered TLT have helped West of England manufacturing group Avon Rubber finance its £75m acquisition of US industrial group’s 3M’s personal ballistic protection business.
Avon, which specialises in chemical, biological, radiological and nuclear (CBRN) respiratory protection systems, said the deal would help deepen its long-standing relationship with the US Department of Defense and significantly strengthen its technology and personal protection product portfolio. 
3M’s ballistic protection business is a US-based leading provider of body armour and ballistic helmets, pictured.
The deal includes the rights to 3M’s Ceradyne brand, which includes advanced ceramic products for industries such as nuclear power, oil and gas, solar energy, automotive, and defence.
The TLT team on the deal was led by partner Jon Stewart with support from solicitor Ed Lacey. TLT said it was the latest example of its continued role advising UK PLCs on major cross-border transactions.
Avon Rubber deputy company secretary and general counsel Zoe Holland: “Completing such a large and high-profile acquisition is certainly a strategic milestone for Avon Rubber. It is especially satisfying to have identified and executed an opportunity that fits with our clear commercial, financial and cultural criteria.
“We are thoroughly grateful to Jon and the team for their in-depth experience and their strategic understanding of the deal. They gave us excellent counsel and service throughout the transaction, which no doubt meant the deal was completed in a smooth and timely manner.”
Jon Stewart added: “While we are continuing to see a trend of UK businesses being acquired by foreign companies, we are also seeing major UK companies, like Avon Rubber, buying foreign assets where this supports their business strategy and growth ambitions.
“This acquisition will no doubt cement Avon Rubber’s enviable position in the market and we are thrilled to have played a key part in this pivotal stage of its growth – not least unlocking the great potential of the US marketplace.”
Last October TLT acted for WHSmith on the financing of its £150m acquisition of US-based pure play travel retailer InMotion, creating a platform from which to expand its own international travel business into the world’s largest travel retail market.
Avon’s acquisition is expected to reach completion in the first half of the Avon’s 2020 financial year, subject to US regulatory approvals and closing conditions
As well as the initial cash consideration of $91m (£75m), Avon could pay a further cash sum of up to $25m (£21m) depending on the outcome of tenders for legacy products.
