Mon, 23 Dec 2024 | BUSINESS SALE
A business that makes secure furniture and shower units for prisons has been bought by Switzerland's KWC Group.
Newcastle Joinery Limited, based in Easingwold, near York, designs and supplies specialist furniture and equipment for the custodial and secure accommodation sector such as prisons and mental health facilities across the UK.
Its products include beds, in cell shower pods and video conference booths where prisoners can talk to lawyers.
The group works closely with the Prison & Probation Service, Young Offender Institutions (YOI), Immigration Removal Centres (IRC), police forces, the Crown Prosecution Service (CPS) and the Ministry of Defence (MOD).
Founded in 1874 in Switzerland, KWC Group is a system and solution provider for sanitary facility equipment and intelligent water management systems. The group operates in the UK, Europe and the United Arab Emirates.
As part of the acquisition, Newcastle Joinery’s CEO and founder Jamie Greenwood will remain in the business to work alongside KWC Group’s senior leadership team to support the next phase of growth.
Greenwood said: “This merger will give our already well-known products and services significantly greater marketing leverage and enable us to further develop fast-growing markets. With the backing of KWC Group, we have more scope to offer customers greater in-house services in the UK and further afield. Utilising our new location in York, we can continue to leverage our homegrown expertise to foster relationships with existing and new markets.”
RSM’s deal services team provided sell-side advice on the deal, led by corporate finance partner Steve Hubbard, with support from corporate finance associate director Rich Winter and tax partner Steve Brown.
Tom Pollard and Liam Stubbs of Ward Hadaway provided legal advice.
Hubbard, corporate finance partner at RSM, said: “With UK prisons currently facing significant overcrowding challenges, this transaction will bolster the provision of safe and secure solutions by bringing together two closely aligned businesses.”
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