French owner says ‘oui’ to buyout

A £30m turnover company based in the North West with 130 staff has been sold by its French owner Saint Gobain.

Ashworth (formerly Oliver Ashworth) at Radcliffe, near Bury, is one of the UK’s major suppliers of pipes, valves, fittings and associated products to the industrial and mechanical services process industries.

The company, which operates from a national network of six branches, has been acquired by West Midlands private investment business GIL Investments. Details of the transaction have not been disclosed.

Jonathon Grove, investment director at GIL who led the Ashworth 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.”

Stratford-upon-Avon-based GIL’s portfolio now consists of 13 businesses and includes seven which have been acquired from large UK or overseas corporate owners.

Shawbrook Business Credit provided financial facilities to Ashworth.

 

 

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