Shawbrook funding supports acquisition of JT by Bedford-based Kartell
Bedford-based Kartell, the leading supplier of radiators and one of the largest and fastest-growing suppliers of bathroom products to the independent merchant and showroom sector in the UK, has made a multi-million-pound acquisition of Leeds-based shower tray manufacturer JT from Maven Capital Partners UK LLP and its management team.
Headquartered in Leeds and turning over more than £14m, employing 125 people, JT is one of the largest shower tray manufacturers in the UK. JT’s focus on quality and innovation has positioned it at the forefront of the UK market for the last 30 years and it will continue to operate as a standalone business within the Kartell group, with investment from the group accelerating JT’s ability to drive its future expansion in the UK and overseas.
Kartell turns over in excess of £60m and employs more than 200 people across two principal sites in Bedford and Wigan. The group management team will work closely with the JT team to develop both businesses in the UK and internationally, with significant opportunities identified to accelerate growth across the group.
The Shawbrook team in the Midlands led by Mark Parsons, working alongside the team at FRP Advisory, acted swiftly to understand the complexities of the transaction and to structure a facility that would meet the needs of all parties. The solution incorporates invoice and stock finance with a term loan.
Paul Crossley, exiting managing director of JT, said:
“After running a broad and comprehensive search for the ideal home for the business to complement and accelerate the work we have done as a team over the last five years, we identified Alex and the team at Kartell as the right people to take JT on. I am very proud of what we have achieved and am equally excited about the opportunities arising from working with Kartell for JT and everyone here who has contributed to its journey so far. I would like to thank them all.”
Alex Norford, CEO of Kartell, added:
“When the opportunity to partner with the team at JT arose, we immediately saw the strategic fit that an acquisition would represent and we are delighted to announce the deal. Everyone at Kartell is excited about working together with Paul and the wider JT team to address myriad market opportunities in the UK and Europe, building on our shared focus on quality and service to bring added value to all of the group’s customers and stakeholders.”
Kartell were advised by an FRP Advisory LLP corporate finance team led by Harry Walker and Adrian Gare, with Andy Pickford of FRP Debt Advisory providing debt advisory services and a team led by Ravi Goonesena from Shakespeare Martineau providing legal advice. The vendors were advised by Grant Thornton (lead advisory) and a team from Clarion Solicitors (legal). Shawbrook Bank was advised by an Irwin Mitchell team led by John Bew.