Shoosmiths advises GIL Investments on latest addition to investment portfolio

The Shoosmiths corporate team has advised West Midlands-based private investment firm GIL Investments on its purchase of Proserv’s precision machining services business – boosting the annual turnover of its portfolio to more than £400 million.

GIL Investments has purchased both the trade and assets of the business, based at Coatbridge in Scotland. Formerly known as KRG Industries, the new company will be called KRG Specialist Engineering Services Limited and will provide services to operators in the oil and gas, aerospace and defence, rail, and food sectors.

Shoosmiths corporate partner Ben Turner led on the deal, with support from Michael Dyer (corporate); Antonia Blackwell (employment) Linda Williams and Sam Jadhav (banking); and John Dunlop and Sheelagh Cooley (real estate).

Ben said: “We were delighted to work alongside GIL Investments as it seeks to re-energise the KRG brand and look forward to seeing the business go from strength to strength under GIL’s ownership. GIL is an ambitious investment company and the addition of KRG is, we hope, a perfect fit for them. The Shoosmiths’ team was able to deploy its English and Scottish law specialists to provide a one-stop service for GIL that delivered on all of the client’s deal objectives.”

The existing management team will continue to lead the business. Gerry Hughes, who has been with the business for more than 30 years and led the firm during its time under Proserv, will be appointed managing director.

GIL Investments director Richard Banham said: “As a client, we demand proactive, commercial advice from all of our advisers – Ben and his team have delivered on this brief and ensured that the acquisition and funding were executed quickly and with a minimum of disruption.

“We’re really looking forward to working with Gerry and the rest of the team at KRG, working towards a shared goal of building the company within its core market, but also exploring new markets for the firm’s next phase of growth.”

Grove Industries was set up in 1990 before rebranding as GIL Investments in 2000.. With the acquisition of KRG, it now has 14 companies in its portfolio.

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