M&A Advisory - buying a business
Kartell
FRP Corporate Finance advised Kartell UK on acquisition of furniture manufacturer. Background Kartell UK is one of the UK’s largest and fastest-growing suppliers of heating and bathroom products to the independent showroom sector, with an annual group turnover of more than £100 million. The company was looking to secure its supply of bathroom furniture through the acquisition of cabinet manufacturer Summerbridge. Headquartered in East Yorkshire, Summerbridge is one of the UK’s leading manufacturers of kitchen and bathroom cabinets and doors, supplying to manufacturers, contractors, developers and distributors. Kartell engaged FRP to advise them on securing the acquisition. Action FRP Corporate Finance’s team approached the owners of Summerbridge off-market to initiate discussions about a possible acquisition. Once it was clear that there was potential for a deal, the team provided full buy-side support, including target appraisal, site visits, indicative valuation, offer structuring, and negotiating commercial terms. The team project-managed the deal and all buy-side workstreams, from initial contact with the target business through to completion of the share purchase agreement. Outcome The acquisition of Summerbridge represents the next chapter in Kartell’s story, with the group securing a supply of high-quality, British made bathroom cabinets for its customers, and Summerbridge benefiting from investment by the group, while retaining operational autonomy. This was the fourth deal delivered by FRP Corporate Finance‘s team for Kartell in three years, underlining the team’s ability to unlock off-market deals within the sector through extensive contacts and knowledge of the industry, as well as their skills in negotiating and project-managing transactions.
Harry Walker Partner Corporate Finance East Midlands +44(0)7519 107 751 harry.walker@frpadvisory.com
In common with many in our industry over the last eighteen months we have experienced record levels of demand. It is with great pleasure that we are supporting the future of another fantastic British manufacturer. We were keen to be invested in a city which is clearly making giant strides in the UK economy.
Daniel Choucino Manager Corporate Finance East Midlands +44(0)7706 285 871 daniel.choucino@frpadvisory.com
Alex Norford Kartell
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