Coatings company sold in cross-border deal

The East Midlands coats company has been sold in a cross-border deal to Swedish investor Bergman & Bevin, a conglomerate that buys industrial and construction businesses. The business consists of around 30 businesses generating revenues of £375m in 25 countries

Spraylat, which employs around 15 people in Corby, manufactures and sells temporary, peel-off protective window coatings, mainly for new build and refurbishment. Half of Spraylat’s turnover is generated in the UK, where it is the market leader, with the remainder sold internationally.

“Spraylat is a leading player in its niche on the UK market. With its high technical know-how, proven product and good market conditions, we see good opportunities for the company to grow,” said Mats Gullbrandsson, Head of Basic Solutions at Bergman & Bevin.

Andrew Keir, CEO of Spraylat, added: “We have a positive feeling about Bergman & Beving as a new owner. We look forward to using the group’s experience to grow the business, while also appreciating the opportunity to continue to run the business as an independent entity.”

The acquisition is expected to have a slightly positive impact on Bergman & Beving’s earnings per share in the current fiscal year.

The PKF Smith Cooper Corporate Finance team, including Darren Hodson, Josh Gurton and Lauryn Mayson, advised the shareholders on the share sale.

The PKF team conducted the full sale process and identified Bergman & Beving as the appropriate buyer for the business.

Keir said: “Darren and his team were excellent throughout the transaction, helping us identify Bergman & Beving as the right partner and supporting us at every stage of navigating this complex cross-border transaction. They provided invaluable insight throughout the transaction.”

Hodson added: “Spraylat has developed innovative products that have global appeal. The agreement with Bergman & Beving will provide investment in the business that will ultimately drive further growth. It’s great to see Midlands businesses continuing to secure international investment.”

Andrew Cowan, partner and head of corporate at Gateley Legal in Birmingham, who provided legal advice to Spraylat, said: “It was great to work with Spraylat and its shareholders on this cross-border transaction. Bergman & Beving seems to be the ideal home for Spraylat’s niche product range and its exciting growth opportunities.”