26 Nov 2019

Womble Bond Dickinson (WBD) has advised the selling shareholders of Cedardell Limited, which trades as Lockpoint, a security consultancy business specialising in ATM Security, on the successful sale of the entire issued share capital to Cennox PLC.

Lockpoint was formed in 1989 as a security consultancy business and has since been focused on the development and supply of its successful security device, the Gryphon Locking System, to many major banks and financial companies. The acquisition by Cennox PLC, a global supplier of banking solutions and the partner of choice for many of the world's leading banks, financial institutions and retail organisations, will see the Lockpoint product, team and facilities embedded into the Cennox Group with immediate effect.

Bill Price, previous CEO at Lockpoint, stated:

“Having seen Cennox’s growth and expansion of their security presence in the industry, I have been impressed with their passion for building a complete portfolio of security products and services. The Lockpoint product and our people perfectly complement the Cennox offering and I am confident Cennox will achieve great success in introducing our products to a wider audience."

WBD advised the selling shareholders on all aspects of the sale process, including the details of the consideration and the disclosure process.

The WBD team was led by Iain Pritty, a Legal Director in our Corporate Team, and he was assisted by Jessica Christy (Solicitor in our Corporate Team), Gemma Bourne (Solicitor in our Tax Team) and Laura Daniels (Associate in our Employment Team).

Bill Price also commented:

"WBD has worked for me previously with successful outcomes and we've established a highly effective working relationship with that all important trust. I would not have proceeded with this deal without them on my side."

Cennox PLC were advised by Herrington Carmichael LLP. The Herrington Carmichael team was led by Yavan Brar (Partner), assisted by Chris Gemson (Solicitor).