Wooden staircase manufacturer StairBox is under new ownership after being acquired by a FTSE 250 company.
StairBox, which is based at Trentham Lakes, has been bought by building materials distributor and DIY retailer Grafton Group plc for an undisclosed sum.
Founded in 1994, StairBox delivers bespoke staircase solutions primarily to trade customers operating in the residential repair, maintenance and improvement market across the 海角视频.
It has experienced significant growth in recent years and reported revenue of £19.5 million and adjusted operating profit of £6.1 million for the year end March 31, 2020.
As part of the deal, StairBox CEO, Alex Hancock, will continue to lead the business and all of the company’s employees will be retained.
Alex said: “These are exciting times for the whole team at StairBox. We have seen impressive growth over the last few years by investing in our business and providing the highest quality service and products to customers. There are so many benefits of linking up with Grafton, both in our operations, and also in our aspirations for the team and the future.
“Grafton has a strong track record of investment in the group and supporting management autonomy to achieve the best results. Our team, customers and supply chain will benefit from being part of the group which shares our strong values.”
Grafton Group plc is an international distributor of building materials to trade customers and is also a market leader in the DIY retailing market in Ireland. It trades from around 550 branches and has a workforce of in excess of 11,000 people.
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The company’s footprint extends to Ireland and the Netherlands, which means the deal could unlock international expansion for Stairbox.
Gavin Slark, chief executive officer of Grafton, said: “StairBox is a dynamic manufacturing business with a best-in-class online solution at its core. It has an efficient production process, nationwide distribution and strong growth potential. The acquisition is in line with our strategy of acquiring specialist high quality businesses and we are delighted with this acquisition and the skills and experience that the management team will bring to the group, under the leadership of Alex Hancock.”
The Midlands team of BDO LLP advised StairBox on the deal.
BDO M&A partner, Roger Buckley, added: “As part of the Grafton Group, the size and scale of the opportunities for StairBox are significant. This deal is a real success story for Staffordshire, with a Midlands-based growth story attracting such a strategic investor. We look forward to seeing the team go onto even greater success in this next chapter.”