- Second transaction in nine months for private investment group
- Seven portfolio businesses now acquired from large corporates
GIL Investments (“GIL”), the Midlands-based private investment business has completed the acquisition of £30m turnover industrial distributor Ashworth from Saint Gobain Building Distribution.
The Ashworth transaction represents the second addition to the GIL portfolio within the past nine months for GIL; in July 2014 the team led the buyout of Stanchem International Ltd, a global supplier of natural and plant-based formulations and ingredients to a wide variety of industrial, agricultural and consumer-focussed sectors. Stan Chem, which has annual sales of £22m and profits of around £2m, employs more than 100 people at three sites in Reading, Great Yarmouth and Kingscliffe.
GIL’s portfolio now consists of thirteen businesses and includes seven which have been acquired from large UK or overseas corporate owners – the “non-core assets” where GIL have built a strong track record in creating value.
Ashworth (formerly Oliver Ashworth Plc) is one of the UK’s leading suppliers of pipes, valves, fittings and associated products to the industrial and mechanical services process industries. The business employs over 130 people and operates from a national network of six branches.
Jonathon Grove, Investment Director at GIL who led the transaction said:
“Our strategy of acquiring non-core assets from large groups has proven successful in the past and we are enthusiastic about Ashworth’s future under an experienced and motivated management team.”
GIL Investments Chief Executive Les Litwinowicz said:
“Ashworth and Stanchem are both unique and exciting opportunities in their own right, and in both cases strong management teams are in place which we believe will enable the businesses to grow over the long-term.”
“GIL remains acquisitive and the team are working on several processes looking at profitable, long-term businesses where we believe we can add value. We are still proud to be privately funded and carry out our late founder David Grove’s investment philosophy of supporting good management teams with long-term equity investing.”
GIL were supported in both transactions by Harrison Clark Rickerbys who provided legal advice, Mazars who provided financial due diligence, Business Strategy Group who provided commercial due diligence and Harris Lamb who provided property advice and due diligence.
Shawbrook Business Credit provided financial facilities to Ashworth.
About GIL Investments Ltd
GIL Investments Ltd is a Midlands-based private investment business with twelve current investments across the UK. GIL and its Directors have a twenty-year track record in supporting and incentivising management teams over the long-term to enable businesses to grow sustainably and create value for shareholders.