Lawyers advise on nuts and bolts of ironmongery deal
A team led by Southampton based corporate partner Stephen Archibald has advised Paris-based Manutan International, a leading player in the European multi-channel distribution market, on its purchase of IronmongeryDirect.
Based in Essex, IronmongeryDirect was founded in 1969 as a traditional ironmonger's business but has since grown to become the UK's largest specialist distributor of ironmongery for the trade, offering over 14,000 in-stock items ready for next day delivery throughout the UK.
Despite tough economic conditions in the construction industry, the business has grown over 20% each year in the last five years, achieving sales of £18 million in 2012 and an operating profit of 7.6%.
The Manutan group operates in 19 European countries and in 2011/2012, generated revenues of €571 million. The acquisition further reinforces Manutan’s position in the UK market where it already operates two successful brands: Key, its long-time subsidiary, and Rapid Racking, which was acquired in 2008.
The CEO of Manutan Xavier Guichard said: "We are really pleased to have worked with Blake Lapthorn to achieve a successful conclusion to this transaction and we welcome IronmongeryDirect to the Manutan family of companies. We see huge opportunities from this strategic purchase to further develop our business model."