Springboard Corporate Finance is delighted to announce that it has advised the shareholders of Powell Gee & Co Limited (‘Powell Gee’) on the sale of the company to The Tibbetts Group Ltd (‘Tibbetts Group’).
About the deal
Since being founded in 1949 by Harold Powell, Powell Gee has been in family ownership, a legacy that will continue under the stewardship of family owned Tibbetts Group. Powell Gee is an independent manufacturer and distributor of fasteners into the UK construction sector, predominantly serving roofing and cladding contractors. Operating from a distribution hub in Atcham, Shropshire and a manufacturing facility in Wednesbury, West Midlands Powell Gee supplies high specification technical products such as self-drilling screws, rivets, bolts and gutter brackets.
Tibbetts Group distributes high quality engineered components for automotive, aerospace, construction and industrial sectors and the enlarged group will generate annual sales in excess of £50 million. Tibbetts Group works with supply partners and customers across 35 different countries developing a diversified business model across different products, sectors and geographies.
How we made a difference
- Negotiated a Heads of Terms with the acquirer, maximising day one cash and agreeing a short contingent earn out linked to skills;
- Managed information flow between target and acquirer to ensure momentum maintained;
- Agreed the completion mechanics to give the shareholders certainty; and
- Project managed due diligence and legal processes.
The client on Springboard
“Springboard were by our side from start to finish, providing valuable advice and support and guiding us through the complex sale and completion process. They adopted a collaborative style and were responsive to both ourselves and the buyer, ensuring that the process remained on track and completed in a timely manner.”
Mike Mackey, Sales Director, Powell Gee & Co Limited