Benchmark International advises proposed sale of W. Corbett & Co. (Galvanizing) to Hill & Smith Holdings
Benchmark International is delighted to announce the proposed sale of W. Corbett & Co. (Galvanizing) Limited (W. Corbett) to Hill & Smith Holdings PLC (Hill & Smith) in a deal valued at £10.5 million on an Enterprise Value basis.
Due to the respective size of the two companies, the acquisition requires the approval of The Competition and Markets Authority, which is expected to bring a public consultation and review process ‘shortly’, according to Hill & Smith. The overall process is expected to take around two months to complete.
On announcement of the proposed deal, representatives from Hill & Smith said, “Whether the acquisition is completed or not, the board is committed to its existing strategy of developing more substantial businesses in each of its chosen sectors through both organic and acquisitive growth.
“Hill & Smith believes that the combination of W. Corbetts with its existing UK galvanizing businesses, principally Josh Ash Limited, will provide its existing customers with an enhanced customer service and will enable the combined business to broaden its geographical coverage of the UK.
“The proposed acquisition is expected to be earnings enhanced for 2015 and the board is confident in the prospects of the business thereafter.”