Chesterfield advisors act in manufacturer’s sale to French rail specialist

Chesterfield-based Shorts Chartered Accountants has represented Sheffield rail depot equipment manufacturer, Mechan, in its sale to French rail transport specialist, CIM, for an undisclosed sum.

Sheffield-based hlw Keeble Hawson also acted for Mechan on the deal which sees Mechan managing director, Richard Carr, finance director, Zahir Altaf and a 20-strong team continue to operate under the same name from the Sheffield site. They will be supported by CIM whose portfolio of products and services includes railway infrastructure supply and construction projects.

Richard Carr said the takeover would help accelerate the company’s international development:-

“I will continue to lead Mechan’s expert team and as far as existing clients are concerned, it will be business as usual.

“However, we are looking forward to raising CIM’s profile in the UK and becoming part of an organisation that has demonstrated its dynamism through consistent growth.”

Alain Lovambac, Chief Executive of the CIM Group, commented:-

“Mechan is a particularly innovative and successful company whose high-quality products are complementary to our own.

“This acquisition strengthens our ambition to become a world leader in the design and supply of turnkey railway workshop solutions.”

Andy Ryder, Corporate Finance partner with Shorts commented:-

“We are delighted to have advised Richard and Zahir on the successful completion of, what was, a complex transaction. We look forward to seeing Mechan continue its exciting growth story as part of CIM”.

Paul Trudgill, Managing Partner of hlw Keeble Hawson, said:-

“Mechan boasts a strong reputation in its field and we are pleased to have played an instrumental role in the purchase which will enable the business to make global inroads backed by CIM – a highly respected international player.”