Kreston Reeves & Kreston ProWorks advise Japanese chemical company on UK acquisition

We have worked alongside Kreston ProWorks to advise Washin Chemical Industry Co., Ltd. on its acquisition of JFBR Group Limited, the holding company of Foilco Ltd.

Headquartered in Japan, Washin Chemical Industry Co., Ltd. manufactures hot stamping foils and specialty coatings and paints for products and consumer packaging around the world.

Established in 1987 in Greater Manchester, Foilco Ltd. specialises in the marketing and supply of hot stamping foils for premium packaging, print and product decoration.

Working together with Kreston ProWorks (Japan) we have been able to provide our client with a seamless, multi-lingual service. The advice included buy-side corporate finance, financial and tax due diligence, combining local knowledge and global experience to ensure all stakeholders had the appropriate support.

The strength of Kreston Global was further highlighted with Kreston Revicom (Italy) providing additional local tax expertise.

The team, in the UK, was led by Senior Partner Andrew Griggs and Corporate Finance Director Craig Dallender, supported by Corporate Finance Manager Sakshi Gupta, Corporate Tax Partner Mohammed Mujtaba, Corporate Tax Senior Manager Karl Dillow and VAT Senior Tanraj Bansal.

In Japan, the team was led by Kreston ProWorks CEO and Director Marek Lehocky, supported by Kazumichi Shimagaki. For Kreston Revicom, the team included Mario Wiel Marin (Partner) and Michele Zingarelli (Associate Partner).

Craig Dallender said: “Kreston Reeves and the Kreston Global network is well-placed to support businesses anywhere in the world looking to do business in the UK or to acquire UK businesses. We are delighted to have advised the Washin Chemical Industry Company on this acquisition and to work alongside the terrific Kreston ProWorks team. This transaction really demonstrates the strength of Kreston Global and our ability to leverage regional expertise and vast deal experience to provide our clients with high quality cross-border support.”

Marek Lehocky said: “Washin Chemical Industry Company is a global leader in specialist foils and coatings with customers around the world. Its acquisition of Foilco Ltd in the UK is an important step in its international growth, and we are pleased to have supported this transaction alongside Kreston Reeves. We also appreciate the role of Nihon M&A Center, a leading M&A advisory and brokerage firm, in bringing the buyer and seller together and enabling this successful cross-border transaction.”

Andrew Griggs, Senior Partner and Head of Global added: “This engagement clearly demonstrates the strength of the Kreston Global network and how our member firms collaborate seamlessly to deliver effective cross-border solutions for clients. I am extremely proud of the way Kreston Reeves and Kreston Proworks worked together as one team to successfully support a mutual client.”

Shin Nakamichi, Executive Officer, Washin Chemical Industry Co., Ltd., said: “We are grateful for the support provided by Kreston Reeves and Kreston ProWorks throughout this acquisition. Their advice was timely, practical and well coordinated across Japan and the UK, which gave us confidence as we progressed the transaction.”

Legal advice to Washin Chemical Industry Company was provided by Nishimura & Asahi and RPC Legal. Foilco were advised by Lodders Solicitors. Japanese corporate finance advice was also provided by Nihon M&A Center Inc.

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