Clearwater International advises on £95m sale of HL Plastics
BIRMINGHAM advisory firm Clearwater International has advised HL Plastics (HLP) on its sale to US firm Quanex Building Products Corporation for £95m.
HLP, based in Derbyshire, designs and manufactures PVCu extrusions. It has been going for more than 40 years.
It has seen substantial growth in recent years, in no small part due to the launch of its Liniar range in 2008.
Quanex is headquartered in Houston, Texas with locations all around the world. It is a manufacturer of engineered materials and components for building products sold to original equipment manufacturers.
It produces include energy-efficient window and door products.
The firm says its purchase of HLP will strengthen its growth strategy and willcontribute new technologies and products and enhanced scale.
It will also give Quanex an expanded presence in the UK market, and access to new and complementary product lines.
HLP’s management team, led by Roger Hartshorn, will remain in place following the sale.
Hartshorn said: “Quanex enjoys a prominent position as a leading component supplier to the fenestration industry, and as such represents a logical and compelling strategic fit for HLP at a beneficial time in the UK housing market.
“I am excited about our future with Quanex.
“By remaining financially involved and continuing as group CEO, I am ensuring it will be ‘business as usual’ for staff and customers alike.
“My commitment has always been to launch new and exciting products for the benefit of our customers and to generate employment opportunities to stimulate the economy – and with Quanex resources behind us, we will unlock the potential to achieve even greater success.”
Clearwater International’s team was led by Birmingham-based partners Jon Hustler and Rob Britton, supported by associate director Alper Dervish.
Hustler said: “HL Plastics is a superbly run, efficient operation, delivering an industry leading quality product and great customer service.
“It has grown strongly over recent years, and I believe that under the stewardship of its new owners, it will continue to go from strength to strength.
“We feel privileged in being able to play a part in this important next step of its development.”
