One of the UK’s largest manufacturers of specialist nuts and bolts has strengthened its service offering after it merged with a Scottish industrial products supplier.
One of the UK’s largest manufacturers of specialist nuts and bolts has strengthened its service offering after it merged with a Scottish industrial products supplier.
Sheffield-based Cooper & Turner has merged with Glasgow company McLean Buchanan & Wilson (MBW) in a deal that has created a £23 million turnover group with revenues expected to rise to more than £30 million in the next two years.
Cooper & Turner, which has supplied products to construction projects such as Wembley Stadium, Hong Kong’s Tsing Ma Bridge and the Channel Tunnel, expands its sales distribution network, while MBW’s fasteners products will be sold internationally.
Cooper & Turner’s managing director, Tony Brown, said this deal follows a 25-year relationship with MBW.
“Merging the two businesses makes a great deal of sense for both organisations and the synergies are significant,” he added. “We can unlock far greater potential via the utilisation of MBW’s established sales channels across Europe and the rest of the world.”
MBW’s shareholders were advised on the financial aspects of the agreement by chartered accountant Hardie Caldwell LLP.
The firm, which also advised on the tax issues of the deal and managed the due diligence, was led by partner Robert Mackay.
“Hardie Caldwell has had a long association with the very successful MBW management team and this merger is a logical step in the continuing development of their fastener business,” Mackay said.
“Putting MBW’s marketing skills and network together with Cooper & Turner’s manufacturing expertise and quality has created synergies that will help drive the combined businesses forward, not only in the UK but also in the global marketplace ,” he added.
This view was echoed by Mandy Quinn, partner with Dallas McMillan in Glasgow, who led the firm’s corporate finance team in advising the MBW shareholders on the legal issues surrounding the structure of the transaction and the merger process.
