Cross-channel merger for UK civil engineering company Wrekin Products Ltd
UK civil engineering designer and manufacturer company Wrekin Products Ltd has joined forces with France-based business PRODUITS INDUSTRIELS LORRAINS (PIL) in an international deal led by PKF Smith Cooper’s award-winning corporate finance team who were the sole lead advisors on the transaction. The deal should set the stage for increased competitiveness and accelerated organic growth.
Wrekin Products is the largest independent designer, manufacturer and supplier of specialist products for the UK civil engineering industry, including access covers and systems, geosynthetics and bespoke steel solutions.
Founded over 40 years ago by the Turner family, Wrekin Products has experienced significant growth and commercial success. With Simon Turner and Stan Turner at the helm, the business has become a UK market leader and also expanded into various European markets including Ireland, Portugal and Belgium.
PKF Smith Cooper advised the Turner family on their potential merger with PIL by developing a high-level understanding of both businesses, establishing a mutual business valuation model and by outlining a framework of terms for the future management of the merged businesses. PKF Smith Cooper also supported on tax structuring and the navigation of multi-jurisdictional legal and tax regimes. Jenny Chatten and Debra Martin, partners at Geldards, provided legal support for the family and Wrekin Products.
PIL specialises in the design and distribution of cast iron covers and gratings for the public highway network in France. The organisation has strong links across Europe and Asia.
PIL has strong operational and cultural synergies with Wrekin Products. The deal will accelerate growth and support further expansion into Europe, with the combined entity hoping to become a leading pan-European supplier of iron products.
Both the Turner family and PIL shareholders are excited by the future growth prospects, with the Turner family maintaining an interest in the combined entity going forward.
The partner-led deal team from PKF Smith Cooper consisted of Darren Hodson, Tom Joy, Joshua Gurton and taxation advice was provided by Adam Rollason.
Darren Hodson, partner at PKF Smith Cooper, commented: “We are pleased to have been able to secure a successful deal for the Turner family. The merger of the two businesses is really compelling with significant synergies available to both parties in their respective markets. There is a strong opportunity for the combined business to drive further international growth across Europe following the merger.”
Simon Turner, commercial director at Wrekin Products, said: “On behalf of my family and everyone at Wrekin Products, I would like to thank the corporate finance team at PKF Smith Cooper for their invaluable help throughout this deal. They were able to utilise their international skills to pull the deal together, and showed real leadership in navigating us through a really complicated merger. We have a great platform that should benefit all our clients and we are really looking forward to the future.”
Debra Martin, head of corporate at Geldards, added: “We were delighted to advise Wrekin and members of the Turner family on such an exciting opportunity at this stage of the firm’s development. Cross-border transactions such as these present a number of distinct challenges, but also demonstrate the ambition and determination for future growth and success shown by both parties. The merger also demonstrates the ongoing opportunity for international collaboration as a route to growth for ambitious and well-run UK businesses such as Wrekin Products.”