Acquisitive engineering supplies firm adds another business to its growing stable
An Exeter based industrial and engineering supplies firm has made its 19th acquisition.
Last year the firm received a £15m funding boost from BGF which has enabled it to embark on an acquisition spree.
The company has announced the acquisition of Scott Direct to support its UK growth strategy.
Scott Direct is a complete supplier to the industrial and trade markets, offering customers a comprehensive range of products including hand and power tools, protective clothing, PPE, safety equipment, hygiene and janitorial supplies, workwear and corporate branded garments.
The company is based in Scotland.
Troy, the largest independent network for industrial and engineering supplies in the UK, is headed up by Paul Kilbride.
He said: “ Scott Direct has been a Troy member for many years and there has been a close connection to the family throughout that time. With shared core values, Scott Direct is a great fit for the Troy Invested-in member Group. Troy is a family business that supports family businesses and our vertical integration strategy is just one of the avenues offered as part of the Group to ensure that we support our independent membership and keep the independent marketplace strong.
“We know how much independent businesses are valued in their communities and by the businesses that trade with them, and our aim Is to help those businesses to grow with investment, without losing the knowledge, passion and levels of customer service that only an independent business can provide.”
Chris Taylor, chief financial officer of Troy said: “Scotland is an important region for us and the acquisition of Scott Direct strengthens our position as a supplier to the industrial and trade markets. Scott Direct have built a leading business and the acquisition is a natural fit with the Troy group – providing complementary product portfolios and markets along with an excellent team.”
The Troy Group has invested in 18 businesses throughout the UK over the last five years, serving a wide and diverse customer base across many sectors, providing broad-line industrial consumables and PPE, Precision Cutting Tools and state of the art VMI and supply chain management solutions.
Norman Scott, shareholder for Scott Direct said, “I am delighted we have concluded the sale of Scott Direct to the Troy Group. This deal will drive further growth for Scott Direct and build on the successes achieved by our experienced team who all stay in position to take the business forward. I wish them every future success.”
Rob Sayles, Managing Director of Scott Direct said, “Joining forces with the Troy Group will allow Scott Direct to continue building on our past success and provide a strong foundation to fuel our future ambitions for the business.”
The deal marks Troy’s 19th acquisition, and its second since BGF’s multi-million pound investment in the business last year, led by James Skade and Hannah Waters, investors in BGF’s South West team.
As part of the deal, Troy appointed former Wickes CEO Simon King as Non-Executive Chair, following an introduction from BGF’s Talent Network – the largest pool of non-exec talent in the UK.
BGF investor James Skade added: “Troy is a dynamic company which is set to go from strength to strength as it continues to build a national business network with an excellent reputation and vast growth potential.
“Troy is a success story that Exeter and the South West of England can be proud of. Its achievements to-date in building up a community of small businesses point to a very bright future and everyone at BGF is looking forward to supporting the team on its growth trajectory.”
Financial advisors to this deal were Dains (Rob Wilson, Trystan Shaw) with legal advice from Gateley Legal (Mark Rutherford, Sophie Cahalin, Anna Mayfield, Alicia Bradburn), Shawbrook Bank (Andy Sutton, Steve Armstrong), Freeths (James Dyson), Gunnercooke (Rob Fawkes), Gillespie Macandrew (Kenneth Irons, Arlene Taylor) and BTO (Emma Barclay).
