Kartell UK Limited, the suppliers of heating and bathroom products to the independent merchant and showroom sector, has completed the acquisition of Summerbridge Holdings Limited and its subsidiary Humber Doors Limited, which trade as Summerbridge. Headquartered in Anlaby, East Yorkshire, Summerbridge is one of the UK’s leading manufacturers of kitchen and bathroom cabinets and doors to manufacturers, contractors, developers and distributors across the leisure, kitchen, bedroom and bathroom (KBB) and commercial and residential development sectors. With predecessor businesses’ history dating back 30 years, Summerbridge today employs more than 120 people, delivering more than £7m in annual sales. Kartell’s acquisition of Summerbridge represents the next chapter in the history of the prominent Hull business, with the Kartell group securing a supply of high-quality British-made bathroom cabinets for its customers and Summerbridge set to benefit from investment by the group. As part of the deal, Summerbridge will continue to operate as a standalone business within the Kartell group under the guidance of the existing management team and will benefit from opportunities to work closely with the group’s other businesses, including Just Trays, a shower tray manufacturer, in Leeds and Vogue, a specialist manufacturer of designer towel warmers, in Willenhall and their customers. Founded in 2008, Kartell supplies radiators, designer towel warmers and bathroom products to the independent and merchant showroom sector in the UK. The group turns over in excess of £125m using brands K-RAD, K-VIT, JT and Vogue, and employs more than 430 people across principal sites in Bedford, Wigan, Willenhall and Leeds. The group management team will work closely with the Summerbridge team to develop the business in the UK and internationally, with the group expecting significant growth across their core markets. Kartell was advised by FRP Corporate Finance’s East Midlands team, led by Harry Walker, with legal advice from a team led by Sophie Burke of Fladgate LLP and financial due diligence provided by Price Bailey LLP. Alex Norford, CEO of Kartell, said: “In common with many in our industry over the last eighteen months we have experienced record levels of demand. We always strive to deliver exactly what our customers require and recognised earlier this year we needed to secure additional bathroom furniture supply to provide the consistent, high quality products our customers expect from us. “It is with great pleasure we are supporting the future of another fantastic British manufacturer and having identified the benefits Hull’s status as a Freeport can bring to the group, we were keen to be invested in a city which is clearly making giant strides in the UK economy. I am really excited to have the opportunity to welcome everyone at Summerbridge into our group and offer our customers their top quality, British-made cabinetry moving forward.” Simon Lunt, director of Summerbridge Holdings, said: “When we received the approach from Kartell’s advisors we immediately saw the potential for the two businesses to join forces. We acquired Summerbridge in 2018 and have worked alongside the wonderful team at the business to put it back on the path to growth and to realise its undoubted potential. It is with great pleasure that I and my fellow directors hand over the reins to Alex and the team at Kartell to take Summerbridge forwards.” The shareholders of Summerbridge received legal advice from a team from Gosschalks LLP, led by Nigel Beckwith. Shawbrook Bank provided Kartell with increased facilities to finance the acquisition of Summerbridge and were advised by a team from Shoosmiths LLP, led by John Bew.

Deal making across the North of England has soared throughout 2021, with private equity houses completing almost 60 deals worth £19.1bn in the last 12 months. Data from CMBOR, the Centre for Private Equity and MBO Research and funded by Equistone Partners Europe as an exclusive sponsor, reveals that the total value of deals in the North this year is the highest in the decade since the research began. Year-on-year, 2021 deal values accounts for five times more than the £3.7bn recorded in 2020 and is more than ten times higher than the £1.5bn in 2019. According to CMBOR’s first full-year data announcement since its re-establishment within Nottingham University Business School, deal volume is also on the up in Northern regions, with the highest number of deals completed since 2014. PE houses completed 23 deals in Yorkshire and the Humber during the year, accumulating the highest value of deals across the UK in 2021 with a total of £14.98bn, ahead of London (£10.83bn). The region was fourth on the list of deal volume with 23 completions, following London (64), South East (40) and North West (31). The retail sector skyrocketed to £14bn, almost a third of total UK value for the year in 2021, driven by two Yorkshire & Humber transactions; TDR Capital’s £6.8bn carve-out of Leeds-headquartered supermarket ASDA in February 2021 and the £7.1bn takeover of Bradford-founded Morrisons in October. Andi Tomkinson, partner at Equistone Partners Europe, said: “This year has demonstrated just how resilient private equity is across the UK and in the North of England in particular, highlighted by the record year we’ve had in 2021. “Despite the obvious challenges faced by businesses and investors as a result of the pandemic, the market is stronger than ever. Valuations are on the up and there is a real focus on growth once again; something that we expect to continue well into 2022 and beyond.”

In a move which ensures business continuation, the majority shareholding of Expect Distribution has been sold by Robert and Neil Rushworth who founded the company 34 years ago. The transport and warehousing provider has been acquired by two established board members, Andy Taylor, Operations Director, and Matthew Kilner, Financial Director, who start 2022 at the helm with Neil Rushworth remaining as the Managing Director in the short term, who will also retaining a minority shareholding of the company. New joint owners Andy Taylor and Matt Kilner joined Expect Distribution in 2017 and 2020 respectively, and have been instrumental in the growth and profitability of the business which was established in 1988 by the company chairman Robert Rushworth. The business has since expanded from 2 vehicles to a fleet of 140 vehicles and a turnover of £40m in 2021 with 3 warehousing sites in West Yorkshire, capable of storing 70,000 pallets. Neil Rushworth explained that discussions about a possible MBO only started early in 2021. “The board held a strategy meeting in Q1 and Andy and Matthew expressed some interest in continuing the Expect success story through an MBO and things developed pretty quickly from there. “Over many years we have created a highly-respected business and despite having external suitors who were interested in buying Expect we found it difficult to imagine any parties who would understand and run the company with the same ethics and unique formula that we have created over the time that the family has owned it. “This is a business at the top of its game, and we are widely recognised for high levels of quality service and we are confident that Andy and Matthew will continue to lead Expect in a manner which is familiar to both our employees and our customers.” Some of the company’s clients include FMCG providers – Boost Drinks, Astonish, national retail chain Card Factory as well as customers in various sectors such as Construction, Pharmaceuticals, Automotive and Office Furniture upon which Andy Taylor commented: “From the nationally recognised Card Factory to some of the UK’s well known FMCG companies, Expect Distribution has some exceptional partnerships with our clients with a focus on value added service. “As we approach 35 years in business, achieving a turnover of nearly £40m and employing over 360 employees as well as winning Haulier of the Year three times with the Motor Transport Awards, the only UK haulier to win the award in two consecutive years, we’re as efficient and innovative as any competitor, with the in-depth industry knowledge and expertise that our clients need and appreciate.” Matthew Kilner added: “We would both personally like to thank Neil and Bob and their vision and dedication which has created the business we have today. Regarding the company’s expansion and growth plans, we couldn’t be more excited to be working with our team to achieve and execute the company’s growth plans going forward and we intend to continue that organic growth which will see Expect grow by a projected 15-20% in 2022. “The transport industry and specifically recruitment will remain a challenge in the coming year but the strength of Expect is within its diversity and we have some big plans underway to expand our warehousing facilities which will provide an additional 16,000 pallet spaces in March this year. “We are proud to be taking Expect Distribution into a new era and we are committed to continuing this great success story.” The acquisition process was successfully backed by funders Shawbrook Bank in the deal which was for an undisclosed figure. Legal advice was provided by Leeds-based Clarion.

Yorkshire-based Premier Technical Services Group Ltd (PTSG), the provider of specialist services to the construction and facilities management sectors, has acquired North West-headquartered NSS, marking a successful exit for investor BGF. NSS is a specialist services provider, covering all aspects of external building maintenance – including window and technical cleaning, testing and platform hire – to the retail, commercial property, events, healthcare and distribution markets. BGF initially backed NSS – which was formed by a merger with another BGF portfolio company – in July 2016 with £3.3 million to support its national roll-out and acquisition strategy. Since then, the company has made four acquisitions to expand its geographical footprint and specialisms, grow its fleet and enter new markets, making NSS one of the largest independent businesses in the sector. EBITDA has grown five-fold during the investment period. NSS has gained a competitive advantage in the industry through the business’s commitment to offering self-delivered services across the UK without using sub-contractors or hiring equipment or machinery. Niel Bethell, CEO at NSS, said: “BGF’s funding allowed us to accelerate our plans to rapidly expand over the past five years. In this time, we’ve really grown up as a business – investing in our people, equipment, and technology. BGF brought the ideal combination of a long-term, investment approach and experience of scaling up businesses like ours. “In PTSG, we’ve found the ideal home for NSS as their values match ours and they have the same uncompromising commitment to customer service. The deal is a statement of intent for the future and provides significant benefits for our team and customers now we’re part of a much bigger yet still entrepreneurial organisation. We look forward to working with our new colleagues to achieve our shared ambitions.” Neil Inskip, head of BGF in the North West, added: “Niel and his team have done an impressive job of growing NSS’ enviable customer base and expanding into new regions and sectors. We’re delighted to announce such a positive outcome for everyone involved, which has delivered great returns for all shareholders.” Paul Teasdale, PTSG’s Group CEO, said: “We are delighted to have acquired Nationwide Specialist Services (NSS) and warmly welcome the team to the PTSG family. This acquisition increases the capacity of PTSG’s experienced Building Access Specialists team, complementing the work of our highly trained specialists who excel in all access methods – cleaning, repairing and maintaining every kind of building and structure. Platform hire expands a niche specialist service offer, and we look forward to growing this area of the business.” The announcement creates a combined business employing 2,300 people across 47 sites.