Corporate finance firm RSM Tenon has advised on the sale of expanding Wolverhampton fencing company John Grimes Sawmills.
The firm, run by husband and wife entrepreneurs John and Margaret Grimes, has been bought by Warwick-based builders merchants BPS, meaning BPS can now self supply one of its most popular fencing panel products made by John Grimes.
John Grimes Sawmills was established 28 years ago to provide heavy duty products to fencing contractors and builders merchants all over the UK.
In recent years, the firm has expanded and has a turnover of more than £2.5 million on fencing panels alone.
RSM Tenon’s corporate finance team, led by Paul Bevan, identified BPS as a potential buyer due to the strategic fit of the two businesses and managed the deal through to completion.
Mr Bevan, head of corporate finance at RSM Tenon Nottingham, said the two companies were a strategic match.
He added: “This is a fantastic result for both John Grimes Saw Mill and BPS Limited – they fit perfectly.
“In John and Margaret Grimes we found two exceptional entrepreneurs devoted to their business, and it has been a real pleasure advising and leading the West Midlands transaction.”
John and Margaret Grimes will be working with BPS, a family business, continuing to maintain the fencing company’s current performance.
Mr Grimes said: “It was a good outcome both for our company and BPS.
“This deal will take the company forward, while keeping a solid service for our customers. RSM Tenon’s involvement in the deal was essential and created a smooth deal.”
Emma Dibble of BPS said: “We believe that there is perfect synergy between BPS and John Grimes Sawmills and look forward to an exciting new chapter in BPS’s history.”
Paul Bevan’s team included Carl Swansbury, corporate finance manager in the Midlands, and Lisa Sanders.
Mr Bevan added: “This is a deal where RSM Tenon helped seek out a buyer for John Grimes Sawmills, and helped deliver all advice relating to the sale from the outset, right through to signing on the dotted line.
“This is a deal which proves there are still transactions being done, and proof that both buyers and sellers aren’t just sitting tight during the downturn – they are using this period to shop around and do some intelligent deals.”
Legal advice was provided by Duncan Taylor and Ziaur Rahman at Nelson Solicitors, with Carrie Smith from George Green advising BPS.
In addition, Marcus Rose at Austral Ryley provided financial due diligence for BPS.