Case Study: Genesis Brands Limited sold to French flooring specialist Gerflor
Background
North Yorkshire-based Genesis Brand Limited, a well-established supplier of finishing profiles and specialist tools for the construction industry, boasts a significant global presence with its products available in more than 70 countries worldwide.
Genesis’ founder and sole shareholder, Aidan Bruce, and Group Finance Director, Adam Pritchard were approached by Gerflor Group, a leader in vinyl flooring manufacturing well-established in more than 100 countries, with a Letter of Intent which they deemed an appropriate value for the equity shares.
Having been an audit client of Armstrong Watson for several years, Genesis instructed the firm’s Corporate Finance Team to assist and advise on the sale of the business.
How we helped
David Wilson, Corporate Finance Partner at Armstrong Watson, led the transaction and was supported by Ellis Kerton, Corporate Finance Assistant Manager, with Corporate Tax Advice provided by Hayley Deeming, Tax Director. From appointment at the Letter of Intent stage, the team managed the deal to completion.
Ellis assisted Adam and his team through both the financial and legal due diligence processes and Hayley Deeming delivered Corporate Tax advice to cover all tax-related aspects for the client. The commercial terms were thoroughly negotiated with the client, Gerflor, and their respective advisers, backed by a range of specialised service lines. This collaborative effort ensured a comprehensive and diligent approach to the transaction with completion delivered in an efficient, timely manner.
Results
Gerflor has acquired 100% of Genesis Brands Limited through a Special Purpose Vehicle intermediary holding company. Genesis Brands Limited and its subsidiaries have subsequently become a part of the Gerflor Group.
“This was a major transaction for us, and it was made much easier working with both teams [AW and North East legal adviser Swinburne Maddison], whose experience of working with non-UK firms shone through. They were very professional and proactive throughout, working diligently to hit our timetable.”
Group financial director at Genesis, Adam Pritchard
David added: “Genesis has been a longstanding client of Armstrong Watson’s and I am pleased we have been able to assist Aidan and Adam in this milestone event, which will allow Aidan to reap the rewards of his hard work over the last 35 years and at the same time, secure the future for Genesis employees.”
