NORTH-EAST law firm Ward Hadaway played a key role in The Tanfield Group becoming the third largest powered access vehicle manufacturer in the world when it advised on a £115m share placing and US acquisition.

The Newcastle firm carried out the legal work on Tanfield's largest cash-raising move to date and managed the group's acquisition of US aerial platform maker Snorkel.

The group, which is based in Washington, Wearside, used part of the proceeds of the £115m placing on the Alternative Investment Market (Aim) to buy Snorkel in a move that is expected to increase earnings by more than 25 per cent next year.

A team from Ward Hadaway's corporate department worked with Tanfield to conclude the simultaneous placing and £49.9m acquisition of Snorkel.

Corporate finance partner Robert Thompson led the Ward Hadaway team on the deal, alongside David Crone.

Mr Thompson said: "We are delighted to have helped Tanfield to achieve this very significant acquisition.

"It transforms the group into one of the largest aerial access players in the world, which is great news for the North-East economy."

Mr Thompson said the deal presented a number of challenges, not least when it came to closing the acquisition.

He said: "Because Snorkel has a number of US and international interests, we ended up working simultaneously with people in Kansas, New York, Australia and New Zealand when we were closing the deal."

Mr Thompson said: "This was by far the largest placing and acquisition which Tanfield Group has carried out to date.

"It is very gratifying to be able to work in collaboration with companies like Tanfield Group and to help them realise their ambitions."

Ward Hadaway previously advised Tanfield on its multi-million-pound acquisition of the aerial platform business UpRight Powered Access last year and in its reverse takeover of Comeleon in 2003.

The firm acted on six previous Aim share placings for Tanfield, raising a total of more than £40m.

Roy Stanley, founder and chairman of the Tanfield Group, said: "Ward Hadaway played a key supporting role in executing what is a truly transformational acquisition for us."