 PKF Advises on joint acquisition by Rutland Partners and John Jefferies, creating Leading Commercial Interiors Group.
28 July 2011: PKF, the leading national firm of accountants and business advisers, has advised on the transaction in which Rutland Partners, the turnaround and restructuring investor, made the simultaneous acquisition of Laidlaw Solutions and the interiors manufacturing division of SIG plc (SIGIM) alongside John Jefferies, CEO of Laidlaw.
The new group will be called Laidlaw Interiors Group. Laidlaw was originally founded in Manchester in 1876 and now has substantial operations in Liverpool and the West Midlands, along with national sales centres. It is the UK’s leading supplier of architectural ironmongery, doorsets, handrail and balustrading systems into the UK construction market. SIGIM includes the leading brands in commercial doors and partition systems, Leaderflush Shapland and Komfort respectively, and the Cubicle Systems washroom and Tufwell Glass businesses.
John Jefferies, the owner of Laidlaw, is rolling his investment in Laidlaw into Laidlaw Interiors Group alongside Rutland, and will become Group CEO. Rutland has invested £17.1 million in Laidlaw Interiors Group of which £14 million was used to acquire the business and assets of SIGIM on a debt free, cash free basis.
Following an introduction to Rutland by PKF, John Jefferies and Rutland approached SIG plc earlier this year to acquire its struggling SIGIM division and combine it with the successful Laidlaw business. The group will have combined revenues of approximately £130 million and a market leading position in all three product sectors.
Rutland and John Jefferies intend to restructure and further invest in SIGIM to turn around its performance and merge it with the Laidlaw business. The combined businesses will be in a strong position to build on their market leading positions with additional brands.
Commenting on the deal, John Nutton, Corporate Finance Principal of PKF, said: “PKF worked close with John Jefferies on this deal from the very start. It became apparent as the transaction progressed that the partnership of John Jefferies, his management team and Rutland will be a formidable force in driving forward the strategy of Laidlaw Interiors Group.”
Rick Wilson, Client Service Partner of PKF, said “This latest acquisition is a significant step-change that will see the combined business flourish as the market leader.”
The PKF team on the transaction comprised John Nutton, Rick Wilson, Matt Whitehead and Simon Browning.
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For further information, please contact: Andy Konieczko, 020 7065 0537, andrew.konieczko@uk.pkf.com or Jane Soares, 020 7065 0135, jane.soares@uk.pkf.com
Notes to Editors:
1. PKF (UK) LLP is a leading firm of accountants and business advisers with more than 1,500 partners and staff operating in 23 offices in the UK mainland firm, incorporating a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk
2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Channel Islands) Limited is incorporated in Guernsey.
3. PKF (UK) LLP is a member firm of the PKF International Limited (PKFI) network of legally independent member firms. The PKFI member firms have around 2,200 partners and more than 21,000 staff in around 125 countries.
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