WATSON Burton and Baker Tilly have advised HG1 Gas Limited on the management buyout of Contract Natural Gas Limited (CNG).
Watson Burton’s corporate team, led by James Nightingale, with Hamish Morrison and Patrick McCreanor of Baker Tilly, advised the management team on taking over the commercial gas supplier from its existing shareholders, including the estate of CNG founder Colin Nigel Gaines.
And in a separate part of the deal, the two firms also advised HG1 Gas on the acquisition of CNG Software Limited, which provides technical support to the Harrogate-based company.
CNG, which was founded in 1994, is now the UK’s leading independent supplier of natural gas for businesses and boasts clients including Ikea, Pizza Express, Ask Restaurants and Charles F Stead & Co.
Newcastle-based Watson Burton’s legal team also advised the management team of HG1 Limited on the provision of new banking facilities by the Cooperative Bank Plc.
A multi-disciplinary team of lawyers was provided to complete the transaction with input from the firm’s corporate, banking, employment and real estate teams. Partners Mark Lazenby and David Jenkins assisted James Nightingale on the completion of the transaction alongside associate Deborah Lazenby.
Nightingale, an associate at Watson Burton, said: “This acquisition was complex given the nature of the management buyout and the large number of parties involved throughout the transaction.
“It was extremely important to HG1 Limited that the provision of its gas services to the commercial market was unaffected by the changes to its shareholding and new finance arrangements and we are extremely happy to have been able to achieve this.
“HG1 Limited is a valued client of the firm, so we are pleased to have acted in an advisory capacity on such an important transition for the business and we look forward to working with them in their future endeavours.”
CNG managing director, Jacqui Hall, said: “The team at Watson Burton have been an integral part of this process and we would like to thank them for acting in such an efficient and timely manner.
“The management buy-out of CNG is the beginning of exciting times for the CNG Group and we look forward to developing the business further in the future for the benefit of our customers.”
Legal advice for The Cooperative Bank Plc was provide by Gordons, and the sellers were advised by Barber Titley and Shulmans, with RSM Tenon providing corporate finance advice for some of the sellers.
