Fencing firm sold to BPS
Wolverhampton-based fencing company John Grimes Sawmills has been acquired by BPS, the Warwick-based builders’ merchants. In what was described as a “strategic sale", husband and wife team John and Margaret Grimes will work for BPS after the deal has been finalised.
The acquisition will allow BPS to self-supply one of its most popular fencing panel products which is made by John Grimes.
Who advised?
Corporate finance specialists RSM Tenon, based in Nottingham, found the buyer and managed the deal through to completion. In addition, legal advice was provided by Duncan Taylor and Ziaur Rahman at Nelson Solicitors, with Carrie Smith from George Green LLP advising BPS. Marcus Rose at Austral Ryley provided financial due diligence for BPS.
Insider comment:
John Grimes Sawmills was established 28 years ago to provide heavy duty products to fencing contractors and builders merchants across the country. In recent years, the firm has expanded and now boasts a turnover of more than £2.5m on fencing panels alone. John and Margaret Grimes will be working with BPS – a family business - continuing to maintain the fencing company’s current performance.
Paul Bevan, head of RSM Tenon’s corporate finance team, said: “This is a deal which proves there are still transactions being done and proof that both buyers and sellers aren’t just sitting tight during the downturn – they are using this period to shop around and do some intelligent deals.”
BPS has branches in Leamington Spa, Tewkesbury, Bidford-on-Avon and Shipton-on-Stour.
