DEALMAKERS at the Newcastle headquarters of law firm Dickinson Dees advised on the recent sale of a Tyneside business to an American firm in one of a series of deals in the last year totalling £2.4bn.

The firm, with offices in Newcastle, Stockton, York and London, says the level of activity demonstrates there is still confidence in the region’s economy, despite the challenging market.

Simon Watts, head of corporate and commercial at Dickinson Dees, said: “We have seen activity really pick up over the last year, advising on a wide range of deals both in and out of the region, including share sales, private equity investments and public offers – all of which were successfully concluded.

“The Newcastle team have been involved in a number of the deals, including the recent sale of the Metal Spinners Group to a large US manufacturing company which is looking to break into new markets.”

Privately-held Metal Spinners Group, a subsidiary of Precision Engineering, recorded revenue of approximately £12m last year and operates two plants in Newcastle, employing approximately 100 employees.

The firm provides customers with complex metal components and assemblies for applications primarily in the medical device, general industrial and oil and gas sectors.

Watts, lead partner on this deal, said: “We were delighted to be able to bring the transaction to a successful conclusion for the Metal Spinners’ management team and we are sure Metal Spinners will prosper under the ownership of Standex.

“The deal is another example of the current trend for inward investment by US companies, which we’re increasingly finding ourselves involved in at the moment.”

The Newcastle office also advised on the £6m sale of Teesside-based temporary accommodation business, Procomm Site Services.

The sale facilitated an exit for a number of shareholders, replacing them with a financial backer with the resources to fund the company’s expansion plans over the coming years.

Watts added: “We were delighted to assist the shareholders with this significant deal. It was very satisfying that they achieved the sale price they wanted in these challenging economic times.”

Private equity demand for quality investments remains high. The Newcastle office recently advised on a £16m investment in Teesside-based engineers the Wilton Group. Barclays Private Equity provided the investment.

The nature and quality of recent deals throughout the North East leaves no doubt there is confidence in the region from outside investors.