Gambit Corporate Finance (Gambit)
has advised on Premier Forest Products’ (“PFP”) latest acquisition of
North-East Sheets & Panels (“NESP”), its second deal in November and its
third of 2023.
The acquisition quickly follows
its purchase of PWIDF and is its second in County Durham, following its
acquisition of Decorpanel in February 2023.
Established in 1997, North-East
Sheets & Panels is a specialist manufacturer and supplier of
made-to-measure doors, panels, cabinets and worktops to trade customers and
retailers in the fitted kitchen, bathroom and bedroom sector. It is a short
distance away from Decorpanel, a highly successful, specialised panel
Terry Edgell, Co-founder and CEO
of Premier Forest Products said:
“This acquisition is the perfect
fit for Premier Forest Products, as the synergies between the business and
Decorpanel provide exciting opportunities for growth in the north-east and
nationwide. North-East Sheets & Panels’ skills and expertise fit perfectly
with our strategic goal of expanding value-add product categories, whilst the
business will thrive by expanding its manufacturing capacity via Decorpanel and
continuing to produce quality, made-to-measure doors, panels, cabinets and
The acquisition of specialist door
manufacturer, PWIDF earlier in November expands PFP’s presence in the contract
joinery sector, with PWIDF’s bespoke fire door offering fitting seamlessly
alongside its existing timber-based fire protection products.
Gambit has advised PFP on its
acquisitions for a number of years and it highlights the importance of M&A
as a key part of Premier Forest Products’ strategic growth plan.
It is the fifth transaction
Gambit has advised PFP on in the past 2 years, having also advised on the sale
of its Irish business (Brooks Timber & Building Supplies and Dublin Plywood
& Veneer) to Murdock and its acquisition of Mon Timber in 2022.
Gambit’s team was led by Geraint
Rowe (Partner, Sam Forman (Director) and Harrie Thorrington (Executive).
Leading on deal structuring, negotiations and general project management, the
Gambit team have a close working relationship with the PFP shareholders, board
and management team.
Sam Forman, Director at Gambit
“The recent acquisitions by
Premier Forest Products are a culmination of a focussed M&A strategy,
efficient execution and refined integration process. PFP’s approach in bringing
together likeminded businesses that are able to enhance the value-add and
offering across the group to benefit its customers and stakeholders is
testament to the quality of its team and people. M&A will continue to
factor in its future growth and augment its organic strategic initiatives as
one of the UK’s leading timber companies.”
“M&A activity in the building
products sector remains buoyant, despite some macro-economic challenges in
certain pockets of the market. Sectors such as timber, landscaping and
commodity driven end markets benefitted in the wake of lockdown with increased
demand and supply chain constraints with record margins and cash generation
which has now subsided. With competition tightening, margins being squeezed in
a market which is still largely fragmented, M&A is being utilised to adapt
and improve product/service offerings, maintain market share and drive
shareholder value. We expect this trend to continue in 2024 with well-funded
and invested businesses, such as Premier Forest Products, with a clear M&A
strategy and experience in successfully integrating acquisitions to benefit.”