Thu, 24 Apr 2014 | BUSINESS SALE
Chelverton Asset Management (CAM) and Brownhills Glass have bought Tufwell Glass, a Crawley-based glass producer, for £2.4 million.
Brownhills Glass is based in Walsall and, like Tufwell Glass, the company provides toughened, laminated and mirrored glass to both contractors and directly to end users. Brownhills put forward half of the funds for the acquisition, with Chelverton's Investor Club, which was launched in 2013, supplying the other £1.2 million.
While Brownhills’ customer base is largely in the Midlands, the acquisition will enable the company to expand into the London and South East areas where Tufwell operates. Tufwell was bought from its parent company Laidlaw Interiors Group.
Corporate financier Steve Thornhill sourced the deal, working with his long-time client Brownhills Glass, Insider Media reported. Laidlaw Interiors Group had appointed BDO to secure a sale of Tufwell, its non-core glass division.
Richard Bucknell, the investment director at CAM who led the deal for Chelverton, and who will now join the board of Tufwell, said: "We quickly built a rapport with Steve and the Brownhills team, and given the strong track record of the business, good prospects for an up-turn in the commercial construction sector, and the value-added that will come from the Brownhills alliance, we were able to gain support from our investors.
"Tufwell is a great example of the type of business and deal that our members club is keen to support."
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