13 Jan 2023 | 09:44 am |
Multinational law firm Pinsent Masons is advising Saint-Gobain Limitedon the sale of all its UK distribution business to the Stark Group.
Brands within the £740m sale include Jewson, Jewson Partnership Solutions, Gibbs & Dandy, JP Corry and Jewson Civils Frazer amongst others. The Stark Group is headquartered in Denmark.
The distribution business comprises 600 outlets and employs some 8,900 people. The distribution business is expected to generate revenue of around €2.7 billion in 2022 with an operating margin of around 2%. The divestment is based on an enterprise value of £740 million (around €850 million). The transaction is due to complete in the first quarter of 2023.
Pinsent Masons is advising Saint-Gobain Limited on the commercial property aspects of the sale. The team is led by Richard Daffern and Andrea McIlroy-Rose and includes Natalie Hughes.
Richard Daffern said: “Our continued relationship with Saint-Gobain Limited is testament to our cross-disciplinary capabilities bringing together expertise from our property and corporate teams. We look forward to supporting them further as they look to realise their growth and impact plan.”
Saint-Gobain has been divesting itself of specialist distribution brands in the United Kingdom over the last 18 months. Pinsent Masons’ corporate and property teams, led by John Tyerman supported by Sophie Thornton, and Richard Daffern supported by Natalie Hughes respectively, has acted on a number of these divestments. This includes advising on the sale of the Graham brand, the Bassets brand, the Ceramic Tiles Distributors brand and the International Decorative Surfaces brand.
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