Castle is pleased to announce the sale of the UK headquartered "Brightwell" group of companies, designer and manufacturer of branded professional hygiene equipment, and chemical dispensing and dosing systems, to Seko S.p.A, a €130m turnover Italian group specialising in dosing pumps.
Brightwell is already active in 85 countries worldwide, generating total revenues of over £25m and EBITDA of over £4m in 2018, and will continue to expand Seko's expertise and presence in the professional hygiene market, as well as offering opportunities to further develop avenues in the aerospace industry via WSM Plastics Limited, a specialist toolmaker and plastic injection moulder of high-end engineering polymers, which was sold alongside the Brightwell group.
Stephen Woolmer, CEO of Brightwell who is remaining with the group post sale, said: "This transaction is strategically important for both Seko and Brightwell. I have no doubt that Brightwell will enhance Seko's offering, and help them continue their plans for global growth. Castle were hugely instrumental at every stage of the transaction, helping to keep everyone on track, and always remembering the commercial reasons for why the deal was important to the principals, on both sides of the table. I am so grateful to Victoria, whose knowledge and patience kept me going throughout."
Neale Pybus, chairman of Brightwell, added: "We are delighted with this outcome, which sees an exciting future for a business that has been family owned and run since taking it over in the ‘70s. We are so proud of what we have achieved over the years, but now it is time for the next phase for Brightwell. Castle understood our reasons for sale, and their approach was extremely professional - but with empathy for the fact we had never done this before. I would not hesitate to recommend them to anyone seeking to sell their business."
Victoria Ansell, Castle director, commented: "This was a great deal to be involved in, and I have thoroughly enjoyed working with the shareholders from start to finish. It is a superb business, and always so pleasing when a buyer with such strongly aligned culture and ethos is identified as a clear match. These matters are intensely personal, and lifechanging when we are talking about consideration of this scale, and I'm so pleased we were able to get this across the line for the shareholders. I wish them, and of course Seko, all the best."
Stuart Stepney, managing director of Castle, added: "This was an exciting cross border transaction involving subsidiaries in the US, Germany, and key trade relationships in China too. The sale of the Brightwell group perfectly showcases the depth and breadth of the skills and experience that Castle can bring to bear on privately owned, mid-market deals."
The Brightwell shareholders were advised by Castle Corporate Finance, Mayo Wynne Baxter Solicitors, Knill James Chartered Accountants, and Tim Lyle of Lamont CF.
Seko were advised by Fladgate LLP and PwC.