Clearwater International advises Lloyds TSB Development Capital on its acquisition of Bolton’s PJH

Clearwater Advisor

Clearwater International has advised the Manchester office of Lloyds TSB Development Capital on its acquisition of Bolton-based PJH – a leading kitchen and bathroom distributor.

The £33 million deal which sees LDC investing £10 million for a majority shareholding and HSBC providing a £27.5 million debt package will ensure the company continues to build on is solid foundations.

Formed in 1972, Bolton-based PJH designs, sources and distributes a range of kitchen units, appliances and bathroom suites to companies such as Barratt Homes, Persimmon and builders’ merchant Travis Perkins.

“PJH’s established reputation in the market has helped us form strong partnerships with leading names like B&Q and exclusive supply agreements with a number of respected international brands.

“Consumer spending in the DIY market, and in particular bathroom suites and kitchen units, is set to continue increasing in the long term and PJH is perfectly positioned to capitalise on this growth.

The backing of LDC is welcomed, as we continue to build on the business’ solid foundations.”

Andrew Yates, Chief Executive, PJH

“We’re delighted to have advised LDC on the PJH deal. This deal further demonstrates Clearwater International’s strength in our private equity offering and the innovative ways we work with PE portfolios.”

Michael Reeves, CEO, Clearwater International