Double deal for former Rhinos star
Leeds-based Progeny has been supporting a former Leeds Rhinos hooker, Matt Diskin, with a number of business acquisitions.
Diskin who owns a number of businesses within the construction and property industry has acquired South Yorkshire joinery firm, Dernie and Bell Sons & Co through his Tritoma Holdings company. The deal marks the ends of the Bell family’s involvement within the joinery business which goes back to 1953, but secures its future moving forward.
The former player who also coaches Oldham RLFC, has also acquired Featherstone-based multi-faceted construction services company, Grove Building Solutions, through another of his businesses, Totem Holdings, which is focused on the building sector.
Diskin commented on the acquisition of Grove: “The current economic climate has created uncertainty for many businesses; however, Grove have mitigated the risks and continue to build upon the strong foundations and relationship achieved through over 30 years of trading.
“The baton has now been handed to us to take the business forward and realise its full potential, something we are confident we can achieve.”
Both of these deals were supported by Philip Jordan, director of corporate law at Progeny along with senior solicitor Tobias Adkins.
Jordan commented: “Matt came to us and said he wanted to do a buy and build strategy and obviously with two sides of the business one, Tritoma focused on joinery and the other Totem, focused on building.
“It’s really refreshing, Matt is taking the view that this [Covid-19] is an opportunity. He looks at it and says if people want out because they were worried about the business before and certainly are about it about it now with Covid then come to use and we’ll buy it, if it’s worth buying.”
Adding that Diskin is still actively looking for acquisition opportunities within the joinery and associated trades.
Alongside these deals Progeny’s Alastair Scott-Somers and senior solicitor Laura Clark, have also advised the founder shareholder of specialist engine re-manufacturer W Drake on the sale of the business to the management. David Peel, who carried out his own buy-out of the business 30 years ago has now sold the business to James and Alice McEvoy, securing the future of the business which started in 1946 for another generation.
Jordan added that it was not just his clients which were doing deals. Highlighting that Progeny had taken the decision not to furlough any staff at the beginning of lockdown and was instead “investing in new people” and accelerating its plans to grow the business.
