The industry M&A season shows no signs of slowing, with the acquisition of CWG Choices being announced on the website of Sweden-based Inwido. There had been rumours of an imminent announcement of another large industry deal for the past couple of weeks. And now we have it.
The press release
This is the press release that has been published on Inwido’s global website:
Inwido, Europe’s largest supplier of windows and doors, has as communicated in a press release on July 15, 2016 now completed the acquisition of the British window and door company CWG Choices.
CWG Choices is a leading manufacturer of double and triple glazed PVCu windows and doors covering the Midlands and South of England. In the UK PVCu windows represent 80 percent of total market sales.
Inwido acquires 100 percent of the shares in CWG Choices for GBP 11.6 million on a cash- and debt-free basis. With this acquisition Inwido complements the product offerings of Allan Bros. and Jack Brunsdon & Son by entering the market of PVCu windows and doors.
The company has some 180 employees and generated sales of GBP 23 million in 2015.
You can tell this is a press release intended to educate other parts of Europe about the UK window and door market and the company that they have just acquired. But this is a good acquisition from the perspective of both companies.
For Inwido, they gain more penetration in the UK market, following on from their acquisition of Jack Brundson & Son Limited back on October 20th 2015. This is a big fabrication business known for their quality and market potential. Their reputation is solid, and were recently named in the London Stock Exchange’s 2016 1000 Companies To Inspire Britain list.
For CWG Choices, they get the history, the gravitas, the support and prestige of one of Europe’s oldest and largest makers of environmentally adapted windows and doors, as Inwido puts it. Inwido are a big company, and although no details have been mentioned about jobs, investment or funding, there is no doubt that if Inwido give CWG the tools to move forward, they will do so successfully.
Here’s some quick catch up notes on Inwido, according to their website:
Inwido is Europe’s largest manufacturer of smart and environmentally adapted windows and doors. Each year, consumers in more than 15 markets purchase over two million products from Inwido. In 2015, Inwido had sales of £405M and an operating profit of£45,7M. The consumer segment accounted for some 70 percent of sales, while industry players accounted for the rest. Inwido has approximately 3,400 employees and is headquartered in Malmö.
Inwido develops, manufactures and sells wooden windows, aluminium-clad wooden windows and doors with related services and accessories to consumers, carpenters, middlemen, building companies and manufacturers of prefabricated homes. Besides from the United Kingdom our main markets are Sweden, Denmark, Finland, Norway, Austria, Ireland, Germany and Poland. We are the market leader in the Nordic region.
This is a company with a growing depth and reach across all higher-end parts of the European windows and doors market. Up until now, their focus has been primarily timber and alu-clad timber windows and doors. However, with the purchase of CWG Choices, this will give Inwido a reach into the PVCu market perhaps for the first time.
Congratulation to both companies on this deal, and I’m sure the industry wishes both parties well in this new venture.
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