Eversheds Paris has advised US group Pentair on the sale of its valve division in Ham (Somme), France to the French investment group, Altifort.

The transaction was completed within the complexities of the Loi Florange, a 2014 French law which requires companies with more than 1000 employees to find a purchaser and avoid redundancies when closing down any assets.

Pentair is a global water, fluid, thermal management and equipment protection partner with a 2015 revenue of US $6.4 bn. Altifort is a French industrial group operating in construction, water and soil treatment, security and industrials.

Led by Of Counsel Catherine Detalle, the cross-jurisdictional Eversheds team comprised Charles Bresson, Nathaniel Binquet and Myriam Saragoussi (corporate); Philippe Desprès (labour); Tom Bridgford, Dan Roskis, Jordan Cliffe, Christopher Basford and Anne-Sophie Tournois (commercial); Adam Collinson and Ali Macgregor (competition); Gaëtan Cordier and Marie Monteil (IP) and Louis-Narito Harada (environment). Catherine Detalle commented :

“We are very pleased to have supported Pentair throughout this transaction and helped them navigate the Loi Florange to ensure a desirable outcome for all involved. We look forward to working with them again in the future.”

Valéry Diaz Martinat from the law firm Degroux Brugere advised Pentair on the restructuring aspects of the transaction. Nathalie de Vernejoul, partner at PwC advised Pentair on the tax aspects.