Phoenix completes £75m deal
A NEW company has bought Gall Thomson in a £75m BIMBO deal funded and advised out of Yorkshire.
Copper Bidco Limited, set up by the Yorkshire office of Phoenix Equity Partners, has bought the oil services firm from Lupus Capital.
The Leeds offices of Squire Sanders and Addleshaw Goddard advised the buyers while teams from Pinsent Masons and Rothschild, also in Leeds, advised Lupus.
Lupus sold Gall Thomson to focus on its UK and US window and door component businesses – Grouphomesafe, Schlegel and Amesbury.
Jamie Pike, non-executive chairman of Lupus, said: “The disposal of Gall Thomson marks the completion of the restructuring of Lupus as a focused supplier of components to the door and window industry worldwide.
“The group now has the financial flexibility to achieve its strategic goals and to accelerate the development of the building products Division. The board believes the group’s increased focus on building products will yield significant returns for shareholders over the medium term.
“I would like to thank the management and employees of Gall Thomson for their contribution to the Group over many years and wish them every success under new ownership.”
Squire Sanders corporate partner Jonathan Jones said: “Lupus Capital has an impressive track record of innovation and high quality service.
“The new team is now well positioned to accelerate the business’ growth. We are delighted to have been able to advise on this deal, despite the challenging funding environment of late.”
The Phoenix Equity Partners team was led by John Rastrick and Barry Robinson.
Andrew Black and Alison Starr from Pinsent Masons and Stephen Griffiths and Matthew Jowett from Rothschild advised Lupus.
Last year Gall Thomson recorded sales of around £19.1m and ebitda of £10.1m.
