Cross-channel merger for civil engineering company
UK civil engineering designer and manufacturer company Wrekin Products has joined forces with Produits Industriels Lorrains in a deal which should set the stage for increased competitiveness and accelerated organic growth.
Wrekin Products is the largest independent designer, manufacturer and supplier of specialist products for the UK civil engineering industry, including access covers and systems, geosynthetics and bespoke steel solutions.
Founded over 40 years ago by the Turner family, the Lichfield-based business has experienced significant growth and commercial success. With Simon Turner and Stan Turner at the helm, the business has become a UK market leader and also expanded into various European markets including Ireland, Portugal and Belgium.
PIL specialises in the design and distribution of cast iron covers and gratings for the public highway network in France. The organisation has strong links across Europe and Asia.
The deal will accelerate growth and support further expansion into Europe, with the combined entity hoping to become a leading pan-European supplier of iron products.
The Turner family will maintain an interest in the combined entity going forward.
The deal was led by PKF Smith Cooper’s corporate finance team who were the sole lead advisors on the transaction.
PKF Smith Cooper also supported on tax structuring and the navigation of multi-jurisdictional legal and tax regimes. Jenny Chatten and Debra Martin, partners at Geldards, provided legal support for the family and Wrekin Products.
The partner-led deal team from PKF Smith Cooper comprised Darren Hodson, Tom Joy, Joshua Gurton and taxation advice was provided by Adam Rollason.
Hodson said: “We are pleased to have been able to secure a successful deal for the Turner family. The merger of the two businesses is really compelling with significant synergies available to both parties in their respective markets. There is a strong opportunity for the combined business to drive further international growth across Europe following the merger.”
Simon Turner, commercial director at Wrekin Products, said: “On behalf of my family and everyone at Wrekin Products, I would like to thank the corporate finance team at PKF Smith Cooper for their invaluable help throughout this deal. They were able to utilise their international skills to pull the deal together, and showed real leadership in navigating us through a really complicated merger. We have a great platform that should benefit all our clients and we are really looking forward to the future.”
