Corporate Lawyers Act on Premier Farnell plc Sale of KENT Division

July 2006

Lawyers at Walker Morris reinforced their reputation for expertise in international corporate finance deals, having acted for Premier Farnell plc on the sale of its KENT Division to Barnes Group Inc for a consideration of approximately £22.5 million.

KENT was Premier Farnell plc's specialist automotive consumables business and comprises seven companies and three businesses in different jurisdictions across Europe.

The sale, which is due to complete on 31 July 2006, involved co-ordinating legal advice and due diligence information from Italy, Germany, Belgium, Spain, France, Denmark, Sweden and Holland, as well as the UK.

Paul Emmett, Corporate Partner at Walker Morris who acted on the deal commented:
"This deal is another example of the increasingly complex and international nature of deals in the corporate market. Co-ordinating the documentation with several different countries, by its very nature can be a skilful task because of the various hurdles that need to be overcome. But we are delighted that the deal is a success."

Paul Emmett was assisted on the deal by corporate lawyers, Simon Hardcastle, associate and Vikki Causton as well as tax associate Bernadette Pope.

Premier Farnell, listed on the London Stock Exchange, supplies electronic components and industrial products to the design, maintenance and engineering sectors. Formed in 1996 it now operates in 21 countries and trades in over 100. In the financial year ending January 2006 it achieved a profit of £72.2 million on sales of over £814 million.

KENT, which had a turnover over approximately £40 million, supplies adhesives, sealants, specialist cleaning chemicals, abrasives, tools and other consumables to the European automotive and industrial maintenance markets.