Investors acquire £350m turnover timber business

Leeds-based private equity investor Endless has acquired BSW Timber and all its associated subsidiaries.

BSW is the UK’s largest integrated forestry and sawmilling business with turnover of over £350m and 1,200 employees.

Founded in 1848 and headquartered in Earlston, Scotland, the business comprises five main operating divisions: tree nurseries, forestry management, tree harvesting, sawmilling, and energy.

It operates seven sawmills across the UK and one in Latvia. Over the last ten years BSW has invested more than £125m in its operations.

Tony Hackney, CEO of BSW, said: “This is fantastic news for BSW. Whilst it is business as usual, we are excited by the opportunities new ownership will bring us and we look forward to entering a new era of rapid growth and development with Endless’ support.

“We would also like to thank the Brownlie family for creating such a strong legacy and supporting the growth of the company and its employees.”

Aidan Robson, Partner at Endless LLP, added: “We are delighted to have acquired BSW, a business with strong heritage, fantastic prospects and one that we believe has a very exciting future.

“As the UK’s largest timber producer, BSW plays a critical role in supporting the UK’s commitment to using more local and sustainable raw materials and becoming carbon neutral by 2050.

“We look forward to working closely with Tony Hackney, Alan Milne and the rest of the BSW team to deliver continued organic growth and further diversification through investment and acquisition.”

The Royal Bank of Scotland (‘RBoS’) Asset Based Lending team supported the transaction.

Andrew Barraclough, head of regional asset based lending at RBoS ABL, added: “We are delighted to be continuing to support such a fantastic Scottish business and long-standing client of the bank.”

Endless was advised by Walker Morris (Legal), Deloitte (Pensions), Poyry (Commercial), KPMG (Tax), and EY (Financial).

BSW was advised by MCF Corporate Finance (Corporate Finance); and Burges Salmon (Legal). Management were advised by Liberty Corporate Finance.