Date: 2017-03-20 20:34 GMT
Howard Worth's corporate finance team worked to a tight deadline to ensure a clients business sale completed on time. Zimpli Kids has been sold to one of their customers Simba, a German Toy Company. There was a specific deadline for the sale so the announcement of the acquisition could be made by Simba at the Nuremburg Toy Fair which ran from the 1st to the 6th of February.
Zimpli Kids was formed by the owners of Gelicity Ltd who are one of the UK's leading skincare companies producing bath spa products. These turn from scented powders into soothing and therapeutic gel-like substances. Zimpli Kids offers a range of novelty kid's bath products including Gelli Baff and Slime Baff which are sold around the world. Through the sale of Zimpli Kids the owners of Gelicity are able to focus on their beauty industry specialism.
The team at Howard Worth were involved with reviewing and amending deal documentation including share purchase agreements, the transfer of intellectual property deeds, establishing exclusive supplier contracts between the two companies, reviewing tax considerations as well as assisting in complex negotiations which led to an enhanced final offer for the business. Legal support for the deal was provided by Jamie Want from Bowcock Cuerdon.
"When we made the decision to sell Zimpli Kids we realised that our buyers time frame would be challenging. To complete the sale by the set deadline we would need help. Stuart and the team at Howard Worth went the extra mile to provide this". Wayne Walton, Managing Director, Gelicity UK Ltd.
Stuart Dutton, Corporate Finance partner at Howard Worth commented "This entire deal was turned around in less than three months. By working closely with our client we understood the importance of the buyer's timescale. Helping them achieve the sale of their business by the deadline is down to the team's hard work and dedication. We look forward to working with Gelicity and assisting with their future plans".