Scotland-based Sidey, established in 1932, has announced that they have become part of the Inwido AB group. A Swedish company that has been on the M&A path in the UK for the past few years.
This is the statement that they issued on their website:
Sidey Group, Scotland’s largest window and door manufacturer, have become part of Inwido AB Group.
Sidey was founded back in 1932 in Perth, Scotland, where most of our operations are still located, growing from a small scale local glazier in Perth to a market leader.
During the last 30-year phase of our history, we have had the benefit of a very stable and supportive share-holder base. To continue at this level of growth, today Sidey have adapted our share-holder structure to better support our development going forward.
We are very excited to announce that Inwido AB have acquired 70% of the shares of Sidey Group. Inwido is a publicly listed company based in Malmo, Sweden. They are Europe’s leading window group with operations in 11 countries across Europe with 32 subsidiaries, four of which are in the UK, and has sales of approximately £700 million. “With Inwido as owner, we become part of Europe’s leading window group. Their decentralised business model allows us to continue to develop Sidey Group’s customer offering while gaining access to the knowledge and resources available within Inwido, which will provide us with new and improved business opportunities.” says Charles Arbuthnott, Co-Owner, and Chairman of Sidey Group.
They have extensive experience in our industry and this development only enhances our confidence in the future success of the Sidey Group of companies.
You can view the original statement here: https://www.sidey.co.uk/sidey-become-part-of-inwido-ab-group/
Inwido AB also issued a statement on their investment in Sidey Group:
Inwido acquires Scotland’s largest window and door company, Sidey Group, a market leader in the renovation of social housing. The company had sales of approximately SEK 800 million, and an EBIT margin of approximately 15%, in the last twelve-month period and will thus be Inwido’s largest acquisition to date.
Sidey was founded back in 1932 in Perth, Scotland, where most of its operations are still located. Most of the company’s sales are in the renovation of social housing, where it’s also the market leader. Sidey Group is in a strong growth phase and the prospects for continued growth are good as demand is expected to be strong, not the least due to increased legal requirements for energy efficiency improvements of homes in Scotland. Sidey Group has also strengthened its presence in the west of Scotland through the acquisition of Walker Profiles in 2017.
The acquisition of Sidey Group enables Inwido to establish a market-leading position in Scotland, which will be a partly new market for the Group. It’s also a company that’s growing with good profitability, while at the same time I see opportunities for synergies through joint purchasing, insourcing of production and other collaborations within the Inwido Group, says Henrik Hjalmarsson, President and CEO of Inwido.
Sidey Group has a broad product portfolio in windows and doors as well as offerings for carports and roof replacements. In addition to the public sector, the company also sells to professional installers and private homeowners.
With Inwido as owner, we become part of Europe’s leading window group. Their decentralized business model allows us to continue to develop Sidey Group’s customer offering while gaining access to the knowledge and resources available within Inwido, which will provide us with new and improved business opportunities, says Charles Arbuthnott, co-owner and chairman of Sidey Group.
The acquisition, which is enabled by Inwido’s strong balance sheet, is financed through available cash, and will have a positive impact on Inwido’s earnings per share in 2023. Inwido acquires, in the first step, 70% of the shares at a multiple just below 6 times operating EBIT in the last twelve-month period. The owners, consisting of the majority owners Charles Arbuthnott and Michael Dobson and the management team, will retain 30 per cent of the shares for a period of at least three and a half years. The purchase price for the remaining shares will be based on the future financial development of Sidey Group. The company will become part of business area Western Europe alongside Allan Brothers (UK), Carlson (IE), CWG Choices (UK), Dekko (UK) and Jack Brunsdon (UK), which with this acquisition becomes the third largest business area within Inwido.
You can view the original statement here: https://www.inwido.com/media/press-releases/inwido-makes-its-largest-acquisition-date-scottish-sidey-group-becomes-part
Inwido states that this is their biggest acquisition to date, and joins investments in other well-known UK brands such as CWG Choices, Dekko, Allan Brothers and Jack Brunsdon.
As the market slows and the race for market share speeds up, the M&A market may become more active in the coming months as larger companies seek to press home their advantage, both in Europe and the UK.
To get weekly updates from DGB sent to your inbox, enter your email address in the space below to subscribe:
By subscribing you agree to DGB sending you weekly email updates with all published content on this website, as well as any major updates to the services being run on DGB. Your data is never passed on to third parties or used by external advertising companies. Your data is protected and stored on secure servers.
