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Duff & Phelps, the premier global valuation and corporate finance advisor, announces that it has secured funding for the acquisition of Portico (Midlands) Ltd (“Portico”), supplier and installer of British manufactured wardrobes, to Sheffield-based Home Decor GB (“Home Decor”).
Duff & Phelps secured the multi-million pound funding facility from Santander Corporate & Commercial on behalf of Home Decor, one of the leading suppliers of floor-to-ceiling sliding doors and associated storage systems in Europe.
Home Decor currently manufactures over 300,000 doors per year, predominantly to the DIY and builders merchants sector, and supplies hardware to manufacture a further one million doors to its strategic partners throughout the rest of Europe, the Middle East and Africa. Originally formed as Acmetrack in 1975, the business was acquired by The Stanley Works in 1987, and then subsequently sold in 2004, at which time it was renamed Home Decor GB.
The strategic acquisition of Portico (Midlands) Ltd -- based in Walsall and Hemel Hempstead -- will allow the combined entity, branded Home Decor, to grow annual sales to over £30 million, up from £22 million in 2013. Portico currently sells and supplies floor-to-ceiling sliding doors and storage systems into the new build sector and maintains an online store, which opens up new delivery channels to Home Decor.
Paul Smith, Managing Director, Duff & Phelps: “We were pleased to have the opportunity to work with the management team of Home Decor and assist them with this acquisition. We wish the business every success for the future.”
Craig Williams, Relationship Director for Santander Corporate & Commercial, added: “Home Decor is one of the strongest businesses in its sector and I’m delighted that we have been able to support the company as it looks to take itself to the next level. We have been thoroughly impressed with the management team in Sheffield and look forward to a successful working relationship.”
Commenting for Home Decor GB, Max Crosby-Browne, CEO: “Home Decor has benefited from strong demand for its products and services both in the UK and in Europe, and I’m delighted that the company is able to make this strategically significant acquisition to capitalise on this momentum. We see strong opportunities for the business going forward, and continue to be very optimistic about our potential for growth.”
About Duff & Phelps
Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, dispute consulting, M&A and restructuring. The firm’s more than 1,000 employees serve a diverse range of clients from offices in North America, Europe and Asia. For more information, visit www.duffandphelps.com.
M&A advisory, capital raising and restructuring services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital raising services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd., which is authorized and regulated by the Financial Conduct Authority.
For further information, please contact:
Richard Merrin/Jessica Davis
Spreckley Partners Ltd
0207 388 9988
Following an accelerated M&A process, Duff & Phelps sold the business and assets to Reynolds Catering Supplies Limited in a transaction which preserved the jobs of all 62 staff.
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