The BSS Group have announced today that they have acquired Birchwood Group Holdings Limited for an initial cash consideration of £18.4m.
Birchwood is a specialist distributor of safety workwear, lighting, heating, cooling and a range of other construction related products. It operates from a national distribution centre in Nottingham, supplying a customer base of more than 6,000 distributors.
In the year to 31 October 2007, Birchwood’s turnover was £22.3m, with an operating profit of £1.8m and had gross assets of £13.4m. The acquisition is expected to be earnings enhancing in its first full year.
Birchwood’s senior management team, comprising Anthony Smith, Paul Swanwick and Paul Simpson, will remain with the business.
BSS group chief executive Gavin Slark, said: “Birchwood is a high quality business that significantly enhances our product offering within the group’s specialist division. I am delighted we have secured such a dynamic and progressive business and I am confident that the acquisition will deliver sustainable value for our shareholders in the long term.”