KBS Corporate has advised upon the successful acquisition of Olympic Fixing Group, the Lancashire-based business which supplies hardware products to the merchant trade throughout the UK and Ireland. The deal sees the firm acquired for a combined investment of £6m through PHD Equity Partners and Secure Trust Bank.
Olympic Fixings supplies fixings, fasteners and DIY products to over 4,000 customers including electrical, building and plumbing wholesalers. The Group offers a range of over 3,300 products, many under its own brand label. Founded in 1989 by Chartered Accountant, Cliff Yates, the firm now employs over 60 people in Altham, Lancashire and Bangor, Northern Ireland and has a turnover of just under £10m.
PHD Equity Partners will be working with management to grow the business both organically and through acquisitions. The funding will allow the company to enhance its e-commerce offering and further support and develop its client base in Europe. While Cliff Yates, Managing Director, and George Brookes, Finance Director, will stay within the company, there are also plans for a number of key appointments to be made to facilitate the eventual retirement of the management team.
Andrew Dodd, of KBS Corporate, advised on behalf of our client and commented, “I think the success of this deal is attributable to the outstanding flow of communication between PHD and Olympic. Both parties kept each other in the loop at all stages of the process, making way for a smooth transaction. I am certain that the acquisition will allow for huge growth within Olympic, and I wish all involved the very best for the future.”
Andy Dodd and Craig Richardson of PHD Equity Partners, the private equity arm of advisory firm Dow Schofield Watts, led the deal on behalf of the acquirer. Craig Richardson said: “Olympic Fixing Group is a long established and solid business which prides itself on quality of service and the breadth of its product range. While it has achieved steady growth since its inception, there remains plenty of scope for further development in its offer to existing customers and through expansion. With the fragmented nature of the DIY supplies market, there is also potential for acquisitions. This investment will allow Olympic to pursue these opportunities and move forward into the next phase of its development.”
James Dow, Managing Partner added: “Cliff and George are marvelous entrepreneurs and have done a fantastic job building a very special business. We are delighted they have chosen to work with us to help them fulfill their personal and corporate ambitions.”