Glass supplier sees clear growth after multi-million pound deal

A SPECIALIST glass supplier has been able to secure growth after successfully concluding a multi-million pound funding deal.

BGF (Business Growth Fund) has invested £2.9m in Brownhills Investments to support the growth of its principle subsidiary, Brownhills Glass.

The financing has enabled the Brownhills firm to acquire Durham-based Peterlee Glass. The deal will see the West Midland company expand its presence into the North East.

Brownhills Investments was formed in 2012 following a buyout of Brownhills Glass. Brownhills Investments is run by executive chairman Nick Harrison, Mark Harrison and Tim Price. Harrison is the former group marketing and business development director of Fenner and managing director of Fenner Dunlop.

Brownhills’ specialises in bespoke glass processing according to the specifications of architects, builders, interior designers and private home owners in addition to providing glass merchant services to independent double glazing manufacturers.

Peterlee Glass, also set up in the late 1970s, has become one of the North’s leading processed glass suppliers and manufacturers, with a strong reputation for quality and service having worked on projects including Fenwicks of Newcastle, The Sage Gateshead and The British Museum.

The acquisition has seen Brownhills Investments grow its national operations to four locations across the UK, meaning it now offers a national supply service.

In May 2013, the business started Wiltshire-based Corsham Glass Centre, and teamed up with Chelverton Asset Management in April 2014 to buy Crawley-based Tufwell Glass, whose recent projects have included London’s Shard and the Olympic Park.

The glass market is estimated to have increased by between 4-6% last year due to its growing popularity as a building material.

Brownhills and its subsidiaries now employ 120 people including glass technicians, designers, surveyors and installers.

Nick Harrison said: “By scaling up, we are able to create efficiencies, reduce lead-times and support our customers in their requirements across the country.

“We’ve held Peterlee in high regard for a number of years and they share the same philosophies in how to go about business in the right way. Its reputation for processing quality and customer service is very much aligned to our own priorities and I am excited about the prospect of adding their skills and knowledge to the group.”

“BGF’s growth capital has afforded us the freedom to continue to expand. We wanted a financial backer that could offer long-term, flexible support without taking control, and BGF was able to fit that brief exactly.”

Gurinder Sunner, Senior Investment Manager – who led the deal for BGF with Paul Brindley, said: “Brownhills management team has a clear growth plan, a stable track record and a wealth of business and sector experience. We have come to know the management team well and are delighted that our initial investment has already allowed them to expand into the North of England.”

Brownhills Glass has also been supported by Lloyds Bank during the transaction process.

Advising Brownhills Investments during the deal were: Steve Thornhill, of Intelligent Corporate Finance, who advised on corporate finance, Adrian Cutler, of Higgs & Sons (Legal); and Iain Wright, of Claritas (Tax).

For BGF, legal help was supplied by Simon Gill and Mark Canning, both of Gateley, with financial due diligence coming from Neil James and tax advice from David Thomas and Ben Griffin, both of Spencer Gardner Dickins.