Corporate finance team cuts deal for tool business
South West accountancy firm and business advisers Westcotts has led on the successful acquisition of a family-run tool cutting business for one of its Gloucestershire clients.
The firm’s Exeter corporate finance team acted as the lead adviser to Stroud tooling solutions company CR Hollands Industrial Supplies on the merger with Concept Tooling (UK) Limited in Gloucester.
The acquisition was led by Alison Watts, partner in Westcotts’ Exeter office, with support from her team including corporate finance manager Will Mudd and business services partner Mandy French, along with other tax experts at the firm.
Daniel Gresswell, partner at Wollens in Exeter, provided legal advice and support.
As part of the deal, Jerry Ballinger, founder of Concept Tooling (UK) and Harry Ballinger have both joined CR Hollands Industrial Supplies. The acquisition gives CR Hollands access to a broader range of products and suppliers, as well as a larger and complementary customer base.
Watts said: “We very much enjoyed working with Paul and Neil Hollands and their team on this project. The acquisition demonstrates that despite various headwinds in the general economy, when the right strategic acquisition arises, there is still clear commercial benefit from undertaking this type of M&A activity. We wish the teams at both Concept Tooling (UK) Limited and CR Hollands every success as they move forward together.”
CR Hollands Industrial Supplies, which operates out of South Gloucestershire with coverage across the UK, has been in business since 1975.
Paul Hollands, managing director of CR Hollands Industrial Supplies said: “The brief I gave Westcotts was to provide me with targeted and clear advice to enable my team to complete the transaction in a timely fashion, with key risks adequately mitigated. The Westcotts team performed admirably, and they have helped CR Hollands achieve an important strategic goal. I want to thank them for their diligence and professionalism throughout.”
He added: “We very much look forward to working with Jerry and Harry Ballinger, as we continue to grow market share and deliver fantastic customer service to all of our stakeholders.”