Lexington Corporate Finance, part of specialist business advisory firm, FRP, has advised the shareholders of Worcestershire-based advanced coatings specialist, Teer Coatings, on its sale to AIM-listed Judges Scientific (Judges). 

Headquartered in Droitwich, Teer Coatings specializes in the application of cutting-edge coatings, utilizing physical vapor deposition (PVD) Magnetron Sputtering, to improve the performance and durability of materials for clients across a range of sectors including aerospace, motorsport, and industrials. 

The Lexington Corporate Finance team, led by Director Thomas Edwards, Executive Kevin Kong, and Associate Twm Westcott, advised Teer Coatings on the sale. The Lexington team led the process end-to-end, preparing the business for the market, identifying potential buyers with a good cultural and strategic fit and managing negotiations. This included successfully securing necessary National Security & Investments Act (NSIA) approval for the deal. 

The deal is a strategic acquisition for Judges Scientific as it continues to pursue both acquisitive and organic growth, enabling Teer Coatings to benefit from Judges’ scale and backing as it pursues its own growth strategy. 

Additional sell-side advisers were EM Law (legal) and Capital Law (specialist NSIA advice). 

This marks the first deal completed by Lexington Corporate Finance since it was acquired by FRP in July. The acquisition saw Lexington’s founder, Gary Partridge, join FRP as a partner along with all 14 other members of the Lexington team, and established FRP’s first office in Wales. Lexington will soon be going to market as FRP Corporate Finance. 

Thomas Edwards, Director at Lexington Corporate Finance, said: “Teer Coatings is a business that has built up a strong reputation for its high-quality coating solutions, so it was no surprise that there was a significant amount of interest in the company. Judges Scientific is a great fit for the business and wish both teams all the best for the next stage of their journey.”

Wayne Southall, Director at Teer Coatings, said: “It was important for us to find a buyer that aligned with our culture and that would help to continue the business to grow. The support provided by Thomas and the team has been second to none. They were always there to provide us with support and assistance and were by our side to navigate what at time was a very complex transaction.”