DC Dwek Corporate Finance Ltd was appointed by FRP Advisory, acting as Hydrodec Group PLC’s Administrators, to manage the four-month sale process for its operating subsidiary Hydrodec of North America (HoNA), as well as its Intellectual Property assets held within the wider group.
HoNA is in the oil re-recycling sector, with a patented sustainable solution to recycle waste oil from utilities and generate carbon credits. Following a broad international investor selection process, the business was successfully sold at the end of 2021 to UK-based Slicker Recycling in a complex cross-border transaction.
Phil Reynolds, Joint Administrator of Hydrodec Group PLC highlighted that “DC Dwek was appointed due to its experience in cross-border transactions, strong sector credentials and a clear appreciation of the challenges in dealing with the sale of distressed assets. A successful sale was delivered.”
With a short timeframe to complete the transaction, DC Dwek CFL managed the process from end to end. We received several offers, allowing us to create a shortlist of interested parties before exclusive negotiations commenced.
Working closely with the management team, FRP Advisory and international legal teams, the final offer terms for the business were negotiated and the necessary due diligence and documentation completed.
HoNA has a significant senior secured loan from a US financial institution, and DC Dwek CFL successfully managed the negotiations throughout the sale process. Together with FRP Advisory, DC Dwek CFL ensured the best possible outcome for all stakeholders, including existing HoNA employees.
We would be pleased to discuss the transaction with you in more detail.