Dow Schofield Watts LLP has advised on the management buy out of PJH Company Limited backed by LDC.
Deal Number: 24
Deal Completed: 21/04/2005
Price Paid: £ 33 million
How Satisifed: Cash, shares and loan notes
Formed in 1972, the company designs, sources and distributes a range of kitchen units, appliances and bathroom suites to companies such as Barratt Homes, Persimmon and builders’ merchant Travis Perkins.
PJH, which employs 700 staff, is also an exclusive supplier of bathrooms to B&Q. The business has five trading divisions – Hopkinsons Fourways, The Kitchen Group, Onsite, In-Store Logistics and Wellness Whirlpool – and over 550,000 sq ft of warehouse space across its eight UK trading centres, which include Bolton and Walkden.
The Manchester office of LDC has invested £10m for a majority shareholding, backing a management team led by Andrew Yates. HSBC provided a debt package of £27.5m.
