The Stevenswood expansion marches on:
Stevenswood is pleased to announce the successful acquisition of Sameday Holdings Limited (Sameday), continuing its goal to become the leading trade counter distributor in the UK.
Established in 2006, Sameday operates a network of seven branches in the west of England, from Bristol to Reading, distributing windows, doors and conservatory roofs to the installer market. Headquarted in Cheltenham, the company employs 20 people.
Sameday’s trade counters are highly geographically complementary; they provide Stevenswood with the perfect opportunity for further expansion and to strengthen its presence in the West. The new combined group will continue to be headquarted in Livingston and will have over 37 branches across the UK, generating revenues of over £45m and employing over 180 people. Sameday’s Managing Director, Mike Woodend, will join the Stevenswood senior management team to contribute the combined company’s growth strategy, which includes plans to open several new branches later this year.
John Declerck, Group Chief Executive of Stevenswood said, “Our goal is to increase our network of trade centres over the next five years, to become the leading trade counter distributor in the UK. We aim to achieve this through a mix of acquisition, new sites and organic growth. Sameday Trade Frames completes a gap in our offering and takes us one step closer to achieving this, while providing the widest product range and highest levels of customer service in the industry.”
Justin Matravers, founder of Sameday added, “The coming together of Sameday and Stevenswood is the logical progression for the strong business that Mike and I have developed over many years. The alignment of our goals, values and vision, offers significant benefits for both organisations. I am confident that Sameday is in good hands and wish the enlarged group every success going forward.”
Stevenswood and Cairngorm Capital were advised on this transaction by PwC (financial and tax) and Bond Dickinson (legal). Sameday was advised by Napthens (legal). Clydesdale and Yorkshire Bank Group provided working capital facilities to support the combined group.
Five year plan
I think that this is the first time in a press release after an acquisition that Stevenswood has set out their long term goals with this expansion. We now know that there is a five year plan in place to grow the trade counter network to become the biggest in the UK. This is going to happen via acquisition, organic growth and the setting up of new branches around the UK. However it is with acquisition that the most growth is likely to occur.
What happens at the end of that five year goal remains to be seen. I think that the fact that there is a time scale attached to the plan makes it possible that in five years time the company may be sold on, hopefully for a profit.
The new combined group now turns over more than £45m per year, with that set to grow as the acquisitions continue. The group now employs over 180 people, and the company confirms that they will continue to operate out of their head office in Livingston.
I wish all involved a prosperous future, and we should all continue to watch Stevenswood as they demonstrate the potential of the growing trade counter business.
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