Special Steel Co Ltd has acquired Hillfoot Forge from Murray Metals. The forge was one of three trading divisions that the Scottish firm acquired back in April following the acquisition of Hillfoot Steel for an undisclosed sum.

Special Steel Co Ltd has acquired Hillfoot Forge from Murray Metals. The forge was one of three trading divisions that the Scottish firm acquired back in April following the acquisition of Hillfoot Steel for an undisclosed sum.

Graeme Hill, Murray Metals CEO, said: “The forge was a non-core part of our operation and we believe its development and growth will be best suited within a dedicated business capable of realising its potential.”

Wake Smith & Tofields acted as legal adviser to the acquirer. The team was led by David Ware, head of corporate finance, who was supported by Duncan Shepherd, Rebecca Robinson, Rachel Glover and other specialist advisers covering corporate finance, property, employment and pensions. Ware said: “The client had detailed knowledge of the sector and a strong financial base from which to make a bid, and was decisive throughout the transaction.”

Barber Harrison & Platt provided corporate finance advice to Special Steel. Don Gray, partner, helped to negotiate the deal, reviewing vendor financial due diligence and agreeing heads of terms.

John Warner, partner, was involved in the finalisation of the deal and in reviewing the financial and tax aspects of sale and purchase agreements. Warner said: “Special Steel Company is an existing audit client. The deal was completed to a tight timescale, helped by co-operation from all parties involved.”