Ash & Lacy buys Accordial Group
West Bromwich-based building systems manufacturer Ash & Lacy has bought a business in Leicestershire.
Ash & Lacy has paid an undisclosed sum for the Accordial Group, which makes and installs sound-absorbing moveable walls for flexible partitions.
The deal was led by Birmingham-based corporate finance adviser Cattaneo, which has worked with Ash & Lacy since it was bought out from the Hill & Smith group by a management team led by Jonathan Evans in 2011.
It also worked with Ash & Lacy on securing a £7m funding package from Close Brothers Invoice Finance. in 2013.
Cattaneo approached Accordial Group on Ash & Lacy's behalf a few months ago. Martyn Pilley of Cattaneo said: "We discovered that its shareholders were already considering their retirement options. We advised Ash & Lacy on the accelerated acquisition of Accordial's business and assets which was concluded within a matter of weeks with Ash & Lacy taking over the business, including its 60 employees, at the beginning of December."
Jonathan Evans, chief executive of Ash & Lacy, added: "Cattaneo have undertaken a number of targeted acquisition searches for us, demonstrating their ability to research and identify targets, approach decision makers with a compelling message, and importantly, to build rapport with them.
"In this instanceThey positioned Ash & Lacy as a credible partner for a business which required taking to the next level while allowing its shareholders to move into retirement."
With Black Country roots going back to 1864, Ash & Lacy has been based at its current site in Bromford Lane since 2000. It has grown to become a manufacturer and distributor of metal building envelope systems with six locations around the country,
Accordial, based in Loughborough, manufactures and installs acoustic moveable wall systems for the flexible partitioning of rooms as well as manufacturing acoustic boards for the absorption of sound within buildings. Accordial products are installed in many of the world's most prestigious buildings, from sporting stadia to offices, high street stores and leading hotel chains.
Ash & Lacy said the acquisition was in line with its strategy of investing in its internal manufacturing capability while extending its reach into buildings through the acquisition of new product ranges.
