Yorkshire based Advisors advise fast growing worldwide steel solutions specialist, Masteel UK, on the acquisition of D.S. Willetts (Stainless) Limited
Bradley McLaren Holdings Limited, the holding Company of the Masteel UK Group of companies, has acquired 100% of the share capital in D.S. Willetts (Stainless) Limited in a deal advised on by Yorkshire based Corporate Finance specialists, Castle Square Corporate Finance and expert legal firm Taylor Emmet.
The acquisition funding was provided through structured acquisition finance and working capital facilities provided by Lloyds Bank.
D.S. Willetts specialises in the stockholding and supply stainless-steel sheet and profiles. The company provides plasma, saw and guillotine cutting services to a wide range of blue chip clients, located throughout the United Kingdom.
The family owned business was formed in 1987 by Denis Willetts and ownership of the Company was later passed to the Founders sons Neil and Ian Willetts, who have run the company for the last 20 years.
The former shareholders will continue their current roles at D.S. Willetts, working with the senior management team at Masteel to widen the Company’s service offering to new and existing customers.
The acquisition of D.S. Willetts provides the Masteel Group the ability to operate a standalone stainless steel supply and profiling facility in Wolverhampton, which is complementary to the existing services offered by the Masteel Group.
Masteel UK Limited offers worldwide steel solutions to its valued clients on major projects, including stockholding, profiling and other value-added services for high grade, high-quality speciality steels. Specialist materials are supplied to a wide range of customers and sectors throughout the United Kingdom and the rest of the world. Masteel operates from Head Office facilities near Lichfield as well as having steel profiling and warehouse facilities in the Coleshill area of Birmingham. Masteel also has international sales offices based in South Africa, Belgium and Poland.
Masteel has strong relationships with a wide range of clients operating in multiple sectors including oil & gas, petrochemical, energy, construction, offshore, traditional engineering and defence.
In recent years Masteel has grown to become a leading strategic supply partner for steel mills and blue-chip clients across the UK, Eastern Europe, Africa and South America.
The acquisition of D.S. Willetts provides the Masteel Group the ability to operate a standalone stainless steel facility in Wolverhampton, which is complementary to the existing services offered by the Masteel Group.
Masteel UK was acquired by Bradley McLaren Holdings Limited in 2021 via a Management Buy In which saw Sheffield based Entrepreneur and Masteel Group CEO Darren Bradley take a controlling stake in the Masteel UK Group.
Since Bradley McLaren’s acquisition of the Masteel Group, annual Group revenues have increased to over £22 million, as per the latest financial accounts dated 31 August 2022.
Darren Bradley, said, “We are delighted to conclude the acquisition of D S Willetts Stainless Limited. The company has a strong reputation in the market for stainless steel profiling, sheet supply and value-added services. The acquisition is seen as a strategic development for Masteel to broaden our services and to complement our stainless-steel sheet supply sales which is already significant. The deal will enable us to further develop key sectors who are using stainless steel products. I would like to express my thanks to the Willetts family for enabling us to build and develop their business which has been established for a number of years and a special thanks to our advisors and funder for getting the deal over the line.”
Yorkshire based dealmakers Castle Square Corporate Finance led on deal negotiations on behalf of the Buyer and ran a competitive funding process, seeking the acquisition and working capital finance to successfully complete the transaction.
Led by Relationship Director, Sarah Leasmith, Lloyds Bank emerged as the preferred funding partner and backed the deal with a significant acquisition and working capital finance package, comprising ABL facilities and senior debt.
Head of Corporate Philip Jordan and Partner Charlotte Higgins from the Sheffield head quartered legal firm Taylor Emmet advised the Buyer on the acquisition.
Castle Square is an independent, specialist mid-market corporate finance boutique based in Yorkshire. Castle Square has a proven track record of successfully delivering corporate finance services on a wide range of clients based across the UK and internationally.
Advising the Buyer, Caste Square Director Patrick Lynch led on the deal structuring and negotiations with the sellers before successfully delivering the necessary funding facilities required by the Company to complete the acquisition.
Patrick Lynch, Director at Castle Square Corporate Finance said, “Since advising Darren on the management buy in of Masteel in 2021, we have been on the lookout for acquisition opportunities which will widen Masteel’s services. The acquisition of D.S. Willetts is a perfect fit for the Masteel Group and I am certain with the expertise of Darren and the management team at Masteel, this will be a successful acquisition that will assist the Group to continue delivering revenue and profitability growth for many years to come”.
Lloyds Bank provides comprehensive expert financial services for businesses of all sizes, from start-ups, SMEs, and mid-sized corporates all the way to large multinational corporations and financial institutions. It has over one million UK business customers. With a network of relationship teams across the UK, Lloyds Bank delivers the mix of local understanding and sector expertise necessary to provide long-term support to its clients.
Sarah Leasmith, Relationship Director at Lloyds, said “I’m delighted to have been able to support a longstanding client of Lloyds Bank by providing working capital and growth facilities to advance the future ambitions of Masteel through the acquisition of DS Willets”
Taylor Emmet is a long established legal firm providing trusted legal advice to commercial and private clients located across the UK. These expert legal services are provided from six offices located across Yorkshire, Derbyshire and London.
Led by Head of Corporate Philip Jordan and Corporate Partner Charlotte Higgins, the Taylor Emmet team provided corporate, employment and property legal advice and support to the Buyer on the transaction.
Phil Jordan, Head of Corporate Law said, “Having advised Bradley McLaren Holdings Limited with its’ 2021 acquisition of Masteel UK it was great to be asked to advise and support Darren Bradley and the Group in this next step of the journey. The acquisition of D S Willetts was achieved in a prompt and efficient manner by the Taylor Emmet team and we very much look forward to working with Darren and the Group in the future with their planned growth strategy”
The Birmingham office of Shoosmiths advised the funder Lloyds from a legal perspective. Other advisors on the transaction were Strategic Corporate Exits led by John Knight, Carl Jarvis and Rob Dean and Phillip Chapman from Thornfield’s, advised the Sellers. Law firm Freeths LLP Sheffield also provided specialist tax advice on the transaction.
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NOTES TO THE EDITOR
Yorkshire based Castle Square Corporate Finance offer pro-active corporate finance advice to clients throughout the UK, tailoring our service to our clients and their markets, giving us an enviable record of successfully completing deals, including acquisitions and mergers, Management Buy-Outs
and Buy-Ins, finance raising and disposals.
Contact Details:
Kerry Webster (Office Manager)
Castle Square Corporate Finance
Tel: 0114 213 8353
Mob: 07709 715765
Email: Kerry. [email protected]
twitter: @castlesquarecf
website: www.castlesquarecf.co.uk
LinkedIn: www.linkedin.com/company/castle-square-corporate-finance
