Listed property company swallowed by UK giant for £42.5m
Greater Manchester-headquartered integrated property company Styles&Wood is to be acquired by Leeds-based Central Square Holdings Ltd for £42.5m.
CSHL is a large, UK-based business with specialisms in the sourcing, manufacture and management of life-cycle solutions for furniture, fixtures and equipment, through its existing equity interest in Southerns Group.
Sale-based listed company Styles&Wood said combining forces with CSHL’s business opens a new chapter for the group, bringing significant growth opportunities and establishing an enlarged group, with credible reach across the full spectrum of support services to the built environment.
Aligning with CSHL will help to reinforce Styles&Wood’s client base, establishing a strong and predictable source of accessible business opportunities, the company said.
The expanded group will also have a wide range of major corporate and public sector customers.
Under the terms of the offer, which is yet to be approved by Styles&Wood’s shareholders at a general meeting, each Styles&Wood shareholder will be entitled to receive 465 pence per share, which equates to premium of 24% for each share prior to the offer being announced.
On successful completion of the offer, the executive team of the enlarged entity will include Tony Lenehan, Phil Lanigan and Paul Mitchell, who will become chief executive, chief finance officer and chairman respectively of the enlarged group.
Lenehan said: “In recent years, Styles&Wood has made significant progress with its diversification strategy, driving strong organic growth supplemented by value accretive acquisitions that have broadened the group’s service line capabilities.
“We are confident that CSHL, with its commitment to the creation of a best in class offer within the property services market, is the right partner to take Styles&Wood to the next chapter of its growth story and we are excited about the future.”
A team from Hill Dickinson including Jon Gillow, Ian Gillis and Sean Lightfoot advised Styles&Wood.
CSHL was advised by Numis and Pinsent Masons.
