Guiding Wessex Resins & Adhesives (“Wessex”) through a time-critical, cross-border transaction.
“Jack and the JCK team were instrumental in securing an excellent outcome. Their strategic guidance, attention to detail, and commercial pragmatism gave us real confidence at every stage. We’re grateful to have had them by our side throughout the transaction and wouldn’t hesitate to recommend them to anyone embarking on a similar process.”
— Ian Oliver, Managing Director, Wessex
The Situation
Wessex Resins & Adhesives is a UK‑based manufacturer of high‑performance epoxy systems supplied into industrial, marine, defence, and advanced composite sectors. As the long‑standing European licensing partner of US manufacturer Gougeon Brothers Inc., Wessex had developed a close strategic and operational relationship with the business over several decades.
Following Gougeon’s acquisition by US private equity firm Iron Path Capital, the new owners approached Wessex to explore a potential acquisition. This created a time‑critical situation for the shareholders: they needed advisers experienced in dealing with sophisticated international buyers, navigating cross‑border complexities, and helping owner‑managers secure a valuation that properly reflected the strategic importance of their business within the buyer’s future European growth plans.
After a competitive pitch, James Cowper Kreston was selected for its experience in cross‑border transactions, strong track record advising owner‑managed businesses, and tailored, hands‑on approach.
Our Approach
As lead sell‑side advisers, we guided Wessex through a focused, time‑critical process and ensured the shareholders maximised value despite the buyer‑led approach.
- Strategic preparation: We worked quickly with the shareholders to prepare high‑quality financial and commercial materials, highlighting Wessex’s strategic value as the buyer’s potential European platform. This early positioning ensured the acquirer clearly understood the business’s technical strengths, long‑standing customer relationships, and embedded product IP.
- Becoming transaction-ready: Because the process was off‑market and unplanned, we helped Wessex become transaction‑ready at pace. We organised and validated the company’s data, ensured consistency across technical and financial disclosures, and created clear responses to detailed US‑style diligence requests – key to maintaining credibility with a sophisticated private equity acquirer.
- Negotiations and buyer management: We led all commercial negotiations with Iron Path Capital, counterbalancing the natural information and resource advantage of an international private equity fund. We managed sensitive issues, protected seller value, and negotiated improvements to key terms while preserving the long‑standing trading relationship with the underlying business.
- Cross-border project management: We coordinated UK and US advisers across legal, financial, and regulatory workstreams, managing time‑zone and documentation challenges to maintain momentum throughout the process. This ensured the shareholders remained well supported while continuing to focus on day‑to‑day operations.
- Tax review and advisory: Our tax specialists assessed the implications of the proposed US‑led structure, provided clear advice on viable alternatives, and supported the shareholders in optimising their overall post‑tax position.
The Result
We delivered a successful and carefully negotiated cross‑border transaction that significantly exceeded the shareholders’ value expectations. Our work ensured the acquirer fully recognised Wessex’s strategic importance, strengthened the commercial terms, and protected the long‑standing trading relationship.
The acquisition positions Wessex as the European platform within the newly established PRO‑SET Formulated Resin Systems LLC, providing a strong foundation for accelerated growth and supporting the buyer’s wider EMEA expansion strategy.
