Endless backs MBO at James Briggs
LONG-established North West chemicals manufacturer James Briggs has been sold by its US-based parent to a management buyout backed by investment firm Endless.
Former Optare boss Jim Sumner has joined the board of the Oldham-based business as executive chairman as part of the deal for the £50m turnover company, which supplies aerosols and speciality chemicals.
Mr Sumner will support James Briggs’ existing management team of managing director Mark Lyth and finance director Simon Tuley.
James Briggs employs nearly 200 staff on two manufacturing sites in Royton and Chadderton. It was founded in 1830 and now has turnover approaching £50m.
The firm designs, formulates and manufactures products including paints, lubricants, cleaning fluids and polishes for automotive, industrial, hygiene and other sectors. James Briggs brands include Hycote, Nilco, Autotek, Add-It and Antiquax.
The business has been acquired from ITW, a Fortune 200 global manufacturing specialist based in Illinois. As part of the deal, Endless will provide funding to invest in sales, marketing, infrastructure, manufacturing equipment and IT systems.
Jim Sumner said: “This is an exciting time to be joining James Briggs and the aerosol and chemicals industry. There is huge potential for the business to develop both its private label and branded businesses in UK and overseas markets.
“In addition, the capital being invested as part of the deal will improve the operational performance of the company and this, combined with investment in infrastructure and marketing, will allow the business to realise its full potential.”
MD Mark Lyth added: “ITW’s decision to sell James Briggs presented the management team with a fantastic opportunity to lead a buyout of a business that is industry-leading and an essential part of the supply chain to many of its key customers.
“The board is delighted that Jim and Endless are joining James Briggs for the next phase of development at a time when we see huge opportunities on the global stage.”
Endless investment director Mat Deering, added: “We are really pleased to be supporting another historic North West manufacturer. James Briggs has increased sales and profitability in recent years but it had become non-core to its parent company and this was naturally constraining its ability to fulfil its potential.
“Jim Sumner’s track record and knowledge perfectly complement the existing management team as we aim for strong growth in the coming years.”
A team at KPMG’s Manchester office, led by partner Jonathan Boyers, advised ITW on the deal.
Law firm Squire Sanders led by corporate partner Giles Chesher provided legal advice to Endless and tax advisory services were provided by PwC.
Manchester firm Bridge Insurance provided insurance due diligence and Jim Sumner was advised by Simon Woolley founding partner of EOS Law.
