Multi-million-pound MBO at 100 year-old manufacturer
THE management team of manufacturer Siddall and Hilton Products are “hungry for growth” following the acquisition of the company in a multi-million-pound buyout.
The management team, led by managing director Neil Stewardson and finance director Ian Thurley, bought the business from the Siddalls, the same family that founded it in 1898.
The deal allowed an exit for the Siddall family and other shareholders. Chairman Peter Sindall will be focusing on other businesses within the group, healthcare and medical suppliers Sidhil and Medequip.
The company, which was founded in 1898 by the Siddall family, turns over £18m and employs 74 people at its Brighouse base. There they produce industrial fencing, welded wire mesh and furniture springs to supply through to UK and overseas.
Siddall and Hilton have recently supplied fencing to the Port of Calais as it attempts to prevent migrants without the correct paperwork in transit into the UK.
The management team have “ambitious” growth plans to develop existing business channels. They also want to expand geographically and diversify their product range as they grow.
Neil Stewardson said “We are grateful to the Siddall family for their support. We also thank BHP Corporate Finance who played a key role as lead advisor and for their professionalism in delivering a bespoke funding package.
“We are also grateful to PNC Business Credit for sharing the belief and vision we have in our business plan. We have a great team of people at Siddall and Hilton Products Ltd and we are all hungry for further growth.”
Management were advised by Hamish Morrison, Andy Haigh and Will Holmes of BHP Corporate Finance. A DWF team consisting of Lester Wilson, Chris Ramage and Guy Ruddy provided legal advice.
Tom Telford of Squire Patton Boggs advised Alistair Hood of PNC on the financing package. Meanwhile Robin Skelton and David Milne of Eversheds advised the shareholders. Christian Humphreys from Sanderson Weatherall provided asset valuation services to the company and PNC.
Andy Haigh, director at BHP Corporate Finance said: “It has been a pleasure advising Neil and Ian on this significant transaction and they deserve every success they get having built a fantastic business and a great platform for the future. It demonstrates the strength and flexibility of the local deal making community that management were able to fund the transaction through a debt package.”
Lester Wilson said: “We were delighted to help Neil and Ian on the deal. Siddall and Hilton Products is a strong business and we’re sure the next few years are going to be exciting times.”
