Enact acquires historic manufacturer

Bartoline, Europe’s leading manufacturer of decorating sundries has been acquired by Enact, the SME platform of private equity investor Endless.

The Beverly-based business which currently employs 100 people was acquired for an undisclosed sum.

Following the deal Enact will invest funds to support future growth and expand production capacity.

Paul Robbins has also been appointed the new CEO of the business taking over from Simon barton who is retiring following 29 years with the business. Robbins was previously managing director of northern Europe at Akzo Nobel and will work alongside Mark Tingay, sales director and Stuart Ockleton, operations director.

Chris Cormack who leads the Enact fund commented: “Bartoline is a fantastic example of a Yorkshire manufacturing business, steeped in family heritage that has developed into one of Europe’s leading manufacturer of decorating sundries for the home improvement market.

“Having been family run since formation in 1876, a lack of succession created the need for a transaction and we are delighted to have the opportunity to continue the hard work of the family and will preserve their tradition of investment in the business to deliver long term growth – bringing certainty to family shareholders and being a good home for family businesses like Bartoline is very much at the heart of the Enact investment strategy.

“The business has experienced growth during the pandemic, which is testament to the hard work of everyone at Bartoline in challenging circumstances and we look forward to supporting the ambitions of the management team to grow further.”

The acquisition is the third investment for Enact in the last six months with Cormack stating this “demonstrates our desire to support and enhance the performance of SME businesses through a combination of capital investment and hands-on operational and strategic support.”

Ben Peacock of Park Place Corporate Finance, who acted as lead advisor to the Bartoline shareholders, said: “The last 12 months has proven Bartoline’s ability to meet demand following a sudden surge due to lockdown. During this period the business has won new customers whilst also expanding its product range with existing customers. Enact’s investment will help the business capitalise on positive market trends providing further growth opportunities as well as assisting with the challenge of management succession.”

A number of Yorkshire advisors worked on the deal. In addition to Peacock and Richard Firth of Park Place Corporate Finance, the shareholders were advised by Jonathan Simms and Sarah Harrison of Clarion (legal) and Richard Skewis of Sowerbys (tax and accounting). Enact were advised by James Fawcett and Amy Pierechod of Gordons (legal), Russ Cahill of Tax Advisory Partnership (Tax), Paul Fox of Fox Lloyd Jones (property) and Jonathan Harrison of AON (insurance).

Bartoline’s long term banking partner, NatWest will continue to support the business with multiple facilities. David Rogers relationship director supported the business in the transaction and the bank was advised by Emma Sadler of Addleshaw Goddard.

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