Slaughter and May is advising Spectris plc on the proposed sale of the Millbrook group to UTAC Holding SAS

Slaughter and May is advising Spectris plc on the proposed sale of the Millbrook group to UTAC Holding SAS, the French automotive testing and homologation specialist. The Millbrook business provides vehicle test, validation and engineering services to customers in the automotive, transport, tyre and petrochemical industries.

The Millbrook group’s headline value is £133 million and, after accounting for £15 million of adjustments, including committed capex, the net consideration for the transaction is expected to be £118 million, subject to a locked box arrangement and other adjustments. This will be made up of £70 million cash proceeds (subject to adjustments relating to intercompany balances), a £23 million vendor loan note issued by the UTAC group, and a £25 million reinvestment into an indirect 14% retained equity stake in the combined Millbrook and UTAC group.