Chemicals firm Banner in strategic swoop
CHESHIRE manufacturer Banner Chemicals has made a strategic acquisition of a business in Leicestershire.
Banner, the long-established Runcorn company which is part of the privately-owned £100m+ turnover 2M Holdings, has bought Stowlin Croftshaw, which makes chemicals used in surface treatments, cleaning and industrial degreasing.
Financial terms of the deal were not disclosed. Stowlin’s former owner, Nigel Sullivan, has agreed to remain a consultant to the business.
Banner said Stowlin’s site at South Wigston near Leicester would be retained and will continue to house its operations and sales and marketing functions.
Stowlin will strengthen Banner’s Precision Cleaning Solutions business unit, with Stowlin will providing its customers with an enhanced range of solutions for metal surface treatment, cleaning and phosphating.
Mottie Kessler, chairman and chief executive of 2M Holdings Ltd, the owners of the Banner Chemicals Group of companies said: “By joining forces, we are providing our existing and future customers with access to a wider and richer product portfolio.
“We are also adding Leicester to the existing Banner distribution map, meaning we can reach our customers more quickly and easily, wherever they are.”
Nigel Sullivan, MD and former owner of Stowlin, added: “I am delighted that Stowlin will be joining Banner. Banner’s long history and product expertise will provide a sustainable base and increased offering to our current customers, who will reap the benefits.”
Law firm Squire Patton Boggs acted for Banner Chemical on the acquisition. Corporate partner Richard Hunt was assisted by Craig Pettit and Ben Chalkley.
Mr Hunt said: “We have been advising Banner Chemicals Limited and the wider 2M group of companies since 2009, and this latest acquisition builds on the successful group strategy of combining strong organic growth with targeted acquisition opportunities. This acquisition adds to the already strong UK platform of the group and we look forward to continuing to support management with their growth plans.”
