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Matheson Advises Irish Precision Engineering Group ATA on Cutting Edge Transaction

AUTHOR(S): Tim Scanlon, Patrick Molloy, Brian McCloskey
PRACTICE AREA GROUP: Corporate, Finance and Capital Markets, Mergers and Acquisitions
DATE: 10.05.2019

Matheson has advised Cavan-based precision engineering group ATA on new debt and equity funding used to facilitate the acquisition of German cutting tools specialist Karnasch Professional Tools, in a deal that values the enlarged business at €160 million.  The senior debt was provided by AIB and Bank of Ireland, with equity investment coming from the Ireland Strategic Investment Fund (ISIF) and Development Capital Fund.  The deal will increase ATA’s revenues from €58 million to €80 million, and increase its total workforce from 310 to 400, with 150 based in Ireland.

ATA was advised on the deal by partners Brian McCloskey, Tim Scanlon and Paddy Molloy, as well as corporate and banking associates Naomi Barker, Fran Keogh, Elizabeth Carr-Fanning and Laura Costello.

Brian McCloskey, Corporate M&A Partner at Matheson said:

“We are delighted to have advised long standing client ATA on this transaction.  ATA is a great example of an indigenous Irish business with an international footprint - exporting to more than 70 countries.  The acquisition of Karnasch further expands ATA's international footprint and we look forward to working with Peter, John and the whole team at ATA as they look to further develop the business in the months and years ahead."

With a wealth of experience across our six partner led offices worldwide and a dedicated 100 person Corporate Department, Matheson has some of the most experienced corporate lawyers in Ireland.  Excellence matters and Matheson’s Corporate Department, led by 21 partners, has unparalleled experience in complex and innovative domestic and international corporate transactions across all industry sectors.


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