Wed, 02 Dec 2020 | BUSINESS SALE
BSW Group, which is backed by private-equity firm Endless LLP, has acquired the Building and Supply Solutions division of SCA Wood from SCA Group. The target business specialises in the manufacture and distribution of timber products for the builders merchant and home improvement sectors.
SCA Wood UK has its headquarters and central distribution centre in Stoke-on-Trent and also operates additional processing and distribution sites in Melton, Cumbernauld and Welshpool.
SCA Wood President Jerry Larsson commented: "I believe that the business will further develop under the ownership of BSW and we will continue to supply raw materials into the UK market via BSW Timber, in addition to our existing Industrial Solutions import and distribution operation."
BSW Chief Executive Tony Hackney added: "We are very pleased to have been able to agree a common approach with SCA to acquire SCA Wood UK’s operations.”
"This will significantly strengthen our position with our expanding customer base and allow us to offer a wider product offering and increased service levels. Through this acquisition, we will deliver a combined package of timber solutions adding to the security of supply for the market."
BSW Group is headquartered in Earlston, Scotland, it was founded in 1848 and has annual turnover in excess of £350 million. It was acquired by Endless LLP in February 2020 and has continued to operate acquisitively since then. Last month, the firm acquired Leeds-based Dick Brothers, said to be the UK’s largest timber harvesting company, with £10 million in annual sales.
Following the SCA acquisition, Endless LLP partner Aidan Robson commented: "We are delighted to be supporting BSW with another acquisition only three weeks after completing the acquisition of Dick Brothers.”
"This latest acquisition further vertically integrates BSW from seed to timber and now added value and distribution. BSW is going from strength-to-strength and this acquisition will take BSW to over £500m in turnover."
In its most recent financial report, SCA Wood UK reported a drop in turnover from £123 million in 2017 to £113.9 million in 2018, while gross profit dropped from £20.3 million in 2017 to £18.7 million in 2018. However, the company reported a post-tax profit of £413,000, compared to a £437,000 loss a year earlier.
The company’s fixed assets were valued at £6.89 million, with current assets of £61 million and net assets of slightly over £8 million. At the time, the company owed creditors close to £60 million.
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