Vinge advised Bergs Timber AB on the deal.
Bergs Timber AB has acquired the Performance Timber Products Group (PTPG) and the seller is Graphite Capital and current and former management of the company. An agreement has been reached with senior executives who will remain and continue to operate the business as a wholly owned subsidiary of Bergs. The group, which comprises Timber Windows, Dale Joinery and Mumford & Wood, had sales of approximately £22m in 2020.
The purchase price on a debt-free basis amounts to approximately SEK 140 million, of which approximately SEK 110 million relates to shares and is paid in cash. The acquisition is largely financed by a new loan within the framework of an existing loan agreement with Danske Bank and Swedish Export Credit Corporation.
PTPG is one of the UK’s leading players in the premium segment of wooden windows and doors. In addition to own production, the business comprises sales of bespoke windows and doors for mainly unique renovation projects as well as retail sales through a well-developed network of 43 showrooms in the UK.
The Bergs Group consists of independent subsidiaries, with clear responsibilities for results, that develop, produce and market processed wood for various applications.
The Vinge team included Matthias Pannier and Jesper Schönbeck, Louise Brorsson Salomon and associates Pauline Lagerstrand, Axel Jonsson and Felix Möller.
Law Firms: Vinge;
Clients: Bergs Timber AB;