Last week ended with the big news that Polyframe had completed a management buyout which saw the first industry deal of it’s kind in quite a while. Then, just a few days later, we get the news that a management buy-in, as it is being described, has been completed at Barnsley based Sash UK.
Putting aside the doom and gloom predictions, high-level industry deals are still being done, despite the rocky road the British economy is now on.
Deal number two
So, this is the second high profile management buy in, or buy out depending on your terminology preference.
Regional business online magazine bdaily.co.uk have carried a press release on the purchase. These are the main points of that release:
The £22m turnover business, which operates under the brands Sash UK and Fitrite Fencing & Decking, has been bought by John Ross and Nick Lilburn, both of whom were part of the former management team at Bradford-based SafeStyle Group.
John Ross, managing director, commented: “It’s great to be back operating in the industry again and Sash, as a long-established and successful fabricator in Yorkshire, provides Nick and myself with the ideal platform for doing so.
“Our plan for Sash is simple – to continue where the previous owners left off by focusing firmly on the trade, commercial and house building revenue streams of the business.”
The Dow Schofield Watts team, which included Paul Herriott and Matt Thompson, was led by Tony Norwood, director, who said: “John and Nick’s track record and knowledge of the glazing industry is unparalleled and we are delighted to have advised them on negotiating the purchase of the businesses and the required fundraising that now sees them back leading a key business in the region.”
I was told today by someone that if a company’s product is good, no matter what happens, there will always be someone interested in it. Brexit, a recession, a new Prime Minister or anything else won’t really. I believe this is the same for companies too.
There are some absolutely stand out companies in our industry right now, doing great things and standing head and shoulders above the others. There is an underlying confidence and strength that I believe our sector has built up since the great recession of 2008 and 2009. This has created some unique purchasing opportunities that are now coming to fruition.
Just before the EU Referendum, I was told that there was about four major industry deals that were currently on hold until the result was known. I’m not sure if this and the recent Polyframe deal were in fact two of those four deals that were on hiatus, but the timing seems right. If indeed they are, then it would prove that even a Brexit vote was not enough to kill these deals off.
Onwards and upwards as they say!
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