Having previously worked alongside Polypipe’s erstwhile parent company IMI, Livingstone’s Jeremy Furniss claims to have long recognised the business’ potential. And though an earlier attempt to sell Polypipe eventually stalled, Furniss notes that ‘when IMI decided to sell, we were eager to identify an attractive US bidder for the business. Eventually we came across Castle Harlan and when Citigroup [IMI’s adviser] ran a straightforward auction process with around six potential bidders, we made it through to the final two.’
The involvement of former senior Polypipe executive David Hall in the Livingstone/Castle Harlan bid appears to have been a decisive factor. Hall will assume the role of chief executive and Furniss believes he ‘added an extra element to our bid’.
‘Polypipe is a major player in the UK building products industry and we are confident the business will flourish as an independent group,’ Castle Harlan’s Howard Morgan adds.