Clearwater International has advised the shareholders of building product and servicing firm Gledhill on the sale to €1bn-turnover Groupe Atlantic.
With a nationwide customer base supplied by a network of manufacturing/distribution depots, Blackpool-based Gledhill is the largest privately owned hot water cylinder manufacturer in the UK and has been in business since the Second World War. The business operates under a number of trading names including Gledhill Building Products, Gledhill Response and Gledhill Spare Parts.
Groupe Atlantic, a major European player in the fields of heating, ventilation and air conditioning, has been looking for a route into the UK hot water tank industry for a number of years and this acquisition offers the perfect entrance. The deal with Gledhill follows the purchase of Ideal Boilers at the beginning of 2015. The combination of these two transactions allows Groupe Atlantic to package a single boiler and hot water cylinder solution.
All the present board members, including the family, will continue in management roles and are committed to the on-going success of Gledhill.
Clearwater International, led by partner Paul Jones with support from associate Oliver Wheatley, advised the Gledhill shareholders.
Jason Hobson, Managing Director at Gledhill, said: “This acquisition by Groupe Atlantic means we can go from strength to strength with another family owned business. Clearwater International supported us through a long, and sometimes complicated, process.”
Paul Jones, Partner at Clearwater International, commented: “Gledhill represents the best elements of family owned businesses in the UK – an excellent product and workforce, and with this deal they will now gain access into an even wider customer base. This is the third building products deal Clearwater International has completed this year – and as noted in our recent Building Products publication, UK assets are continuing to prove attractive to overseas buyers.”