Management buyout at ‘hidden gem’ family-owned pipe business
Boole’s Tools & Pipe Fitting is under new leadership following the acquisition by the firm’s senior management team in a deal backed by its existing bank HSBC.
A team consisting of Vicky Grimley, finance director, operations director Ryan Seville and the managing director Michael Whitehead have acquired the business from Terry and Tracy Seville, the son-in-law and daughter of the founder.
Boole’s
Based on Whitehill Trading Estate in Heaton Chapel in Stockport, the importer and stockholder of steel tubes and pipe fittings was established in 1960 and has grown from a small fledgling company into a multi-million-pound organisation which made pre-tax profits of £1.9m on turnover of £16.6m, according to the last set of accounts available (year ending December 2022).
In 2018 theBusinessDesk.com reported on how the company was purchased back into the Boole’s family by Terry and Tracy Seville, daughter and son-in-law of the original founder Ron Boole and his father Cyril, from listed building products company Grafton Group (UK) plc, who had owned the business since 2003.
With over 40 years combined experience at the firm, the new leadership trio say they are looking to “continue the company legacy of quality service and professional expertise whilst simultaneously targeting new clients and taking the business to the next level.”
Christian Mancier
Christian Mancier, partner at Gorvins Solicitors, who acted for the management team on the management buy-out, said: “With over 60 years of trading here in Stockport, Boole’s is one of the true hidden gems of the Stockport business scene.
“The company has grown steadily over the years and decided that the time was right to reign in a new era through the existing management team. Helping a fellow Stockport based business to enter a new era whilst working with other Stockport based advisors is a particularly proud moment for us and we wish the new owners every success.”
The deal value is undisclosed, with funding provided by HSBC. Addleshaw Goddard advised the lender, Louise Hebborn at Stephensons Solicitors and Jeremy Cole of Cole Associates advised Terry and Tracy Seville, as he did in the 2018 buyout from Grafton, and Paul Whitney and Nathan Clark at Hallidays/Xeinadin Corporate Finance advised the management team.
The Gorvins team was headed by Christian Mancier (Partner – corporate) assisted by Gemma Lingard (Senior Associate – corporate), Joe kitchen (Paralegal – corporate), Paul Dowdell (Partner – commercial property) and Laura Crawford (Trainee Solicitor – commercial property).
