Mills & Reeve advises on sale of agricultural parts specialist to overseas buyer

Law firm Mills & Reeve has advised on the sale of the holding company of the Spaldings Group to Invicta Holdings – a JSE-listed conglomerate specialising in the wholesale and distribution of industrial consumables.

The Mills & Reeve team acted for the sellers, Inspirit Capital and the management shareholders of the Lincoln-based company. As part of the deal, Spaldings will become part of the Invicta Group, which specialises in the industrial consumable, auto-agriculture and earthmoving equipment parts sectors. 

The Mills & Reeve team was led by corporate partner and head of international Tom Pickthorn and principal associate Hayley Simonds (pictured), with support from Ashley Kerr. 

Hayley Simonds said: “This deal is not only a significant milestone in the company’s growth journey, but also demonstrates the ongoing appeal of high performing regional businesses to acquisitive overseas buyers.”

Mills & Reeve has acted for Spaldings in an M&A capacity on a number of occasions over the last 25 years, with the team advising shareholders on the company’s initial sale in 2000, before acting on two MBOs and the sale of Spaldings to Japanese conglomerate Marubeni in 2012.

The team has also advised on numerous bolt-on acquisitions and disposals for the Lincolnshire-based business.

Tom Pickthorn added: “Our longstanding relationship with Spaldings is testament not only to the trusted partnership that we have built up with the senior management team, through our deep sector experience across the likes of agriculture and private equity, but also to the company’s successful execution of a long-term M&A strategy. 

“Having worked with Spalding’s management since 1999, I am particularly delighted to have acted for the business on its latest transaction and we look forward to watching the partnership with Invicta grow and develop over the coming years.”

Spaldings is the UK and Ireland’s largest distributor of agricultural parts and groundcare products, which was founded in 1956 initially supplying local Lincolnshire farmers.

Since then, the company has cemented its position in the land management sector, supplying farmers and other land managers throughout the UK with its own brand market-leading parts and world-class brands for workshop equipment and consumables.

David Fox, non-executive chair at Spaldings, said: “Our relationship with Mills & Reeve dates back to 1999 and, during that time, the team has supported us as we’ve scaled our business. 

“Throughout this transaction, they have shown true professionalism – an approach that has enabled us to transition from a PE-backed company to becoming part of a global trade business.”

He added: “In Invicta Holdings, we have found a like-minded business that has significant expertise in our core markets – individuals who have shown great desire to support Spaldings in the next phase of our growth journey, while backing the existing management team to achieve those ambitions.”