Greetings card wholesaler expands operations with two acquisitions

Jon Else and Akhtar Zahid

A Manchester-based greeting cards wholesaler has acquired two businesses in Leeds, for an undisclosed sum.

BGC Wholesale is a portfolio company of Canadian Private Equity Fund, Ardenton Capital.

It operates through a network of nine branches across the UK and Ireland, with its base in Manchester.

It has acquired trade and assets of Leeds-based Paul White, wholesaler of partyware and balloons, and Tiger Feet, an online retailer of partyware and balloons, also based in Leeds.

DTE Corporate Finance provided buy-side advisory services to Ardenton Capital, led by DTE’s Jon Else, Corporate Finance Director who worked alongside Heeral Ruparelia, Corporate Finance Executive.

Jon and Heeral advised on the deal structure, assisted in the negotiations with the seller, and project managed all workstreams through to successful completion.

The team also performed financial due diligence on the two target businesses on behalf of the buyer, and their funder, Virgin Money.

Jon and Heeral worked closely with Akhtar Zahid, CEO of BGC Wholesale, and Michael Bradbury, CEO of Ardenton Capital, together with Keith Melling and Jo Cooper of Napthens, who provided legal advice to the buyers.

The acquisitions are strategic decisions to broaden BGC Wholesale’s offering throughout the UK.

Akhtar Zahid said: “The acquisition had a number of challenges, but DTE were a genuine partner so acted in our best interests, as well as getting to know our business well. Jon and Heeral managed to get a really good understanding of what was important to us.”

Jon Else said: “We really enjoyed working with Akhtar and Mike on the acquisition and we are grateful for the work done by the Napthens team to get the transaction over the line.”

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