Rubber firm bought by Swedish company for £25m
MANCHESTER rubber firm Berwin Group has been acquired by HEXPOL AB of Sweden, a global specialist in polymer compounding, in a £25m deal.
Berwin’s compounds are used in leading tyre brands, in products such as door and engine seals and hoses within the automotive, aerospace and oil and gas industries, and in everyday goods ranging from mouse mats to footwear.
Founded more than 60 years ago, Berwin employs over 200 staff at its headquarters in Dukinfield and its site in Lydney, Gloucestershire and has a turnover of around £40m.
In 2015 it won a place in the International Track 200 as one of the private British companies with the fastest-growing international sales profiles.
The sale provides an exit for Berwin chairman Glyn Williams, who helped to lead a management buy-out in 1983. Williams and his family are Berwin’s main shareholders.
He said: “We are delighted that Berwin, which has been independent since its formation in 1953, has been recognised by HEXPOL for its market leading products and technical capability along with its loyal and experienced workforce. By becoming a member of such a strong international group we believe Berwin will continue to thrive.”
Dow Schofield Watts Corporate Finance and TLT Solicitors advised the Berwin shareholders on the sale.
The Dow Schofield Watts team was led by James Dow, Philip Price and Victoria Edwards. Dow said: “We are delighted to have helped Glyn and the other shareholders complete their journey from MBO to exit to an international purchaser with ambitions for the company’s future.
“The sale of Berwin to HEXPOL adds another significant transaction to our chemicals credentials and reinforces our capability to reach international purchasers through our international network.”
