Coatings firm sold in cross-border deal

An East Midlands coatings firm has been sold in a cross-border deal to Swedish investor Bergman & Bevin – a conglomerate that acquires firms in the industrial and construction sectors.

Spraylat, which employs around 15 people in Corby, manufactures and sells temporary protective peelable coatings for windows primarily in new constructions and renovations. Half of Spraylat’s turnover is generated in the UK, where the company is market leader, and the remaining sales take place worldwide.

Bergman & Bevin comprises approximately 30 companies generating revenue of £375m in 25 countries.

“Spraylat is a leading player in its niche within the British market. With high technical know-how, a proven product, and good market conditions, we see good opportunities for the company to grow”, said Mats Gullbrandsson, head of division core solutions and Bergman & Bevin.

Andrew Keir, CEO of Spraylat, added: “We have a good feeling about Bergman & Beving as new owner. We hope to benefit from the group’s experience to develop the company meanwhile we appreciate being able to continue run the company as an independent unit.”

The acquisition is expected to have a marginally positive effect on Bergman & Beving’s earnings per share during the current fiscal year.

A team from PKF Smith Cooper Corporate Finance consisting of Darren Hodson, Josh Gurton and Lauryn Mayson provided sell-side advice to the shareholders.

The PKF team lead a full sales process, identifying Bergman & Beving as a suitable buyer for the business.

Keir said: “Darren and his team were excellent throughout the deal, helping us identify Bergman & Beving as the right partner, and supported us each step of the way to navigate this complicated cross-border deal. They provided invaluable insights throughout the deal.”

Hodson added: “Spraylat has developed innovative products that have world-wide relevance. The deal with Bergman & Beving will secure investment into the business that will ultimately drive further growth. It’s great to see Midlands businesses continuing to secure international investment.”

Andrew Cowan, partner and head of corporate for Gateley Legal in Birmingham, who provided legal advice to Spraylat, said: “It has been great working with Spraylat and its shareholders on this cross-border deal. Bergman & Beving seems to be the perfect home for Spraylat’s niche product range and its exciting growth opportunities.”