BDO recently led the successful sale of SIG Plc’s (SIG) last significant manufacturing asset, Building Solutions (National) Limited (Building Solutions), for a multiple of 11.4x 2018 operating profit, and Enterprise Value of £37.5m. Building Solutions is a leading UK manufacturer and distributor of building envelope solutions operating through its well‐known brands, Steadmans, United Roofing Products, Trimform Products, and Advanced Cladding & Insulation. This disposal helped SIG realise a core strategic goal in the realignment of its portfolio, away from all legacy manufacturing, following its 2017 strategic review. In addition, the disposal helps strengthen SIG’s balance sheet.
Following a competitive process, Kingspan Group (Kingspan), acquired Building Solutions in a move that makes strategic sense for both target and acquirer given Kingspan’s well-known manufacturing expertise. The disposal is conditional on CMA approval.
Throughout the process BDO provided a first class service and gave us comfort that they had the right messaging and right bidders involved. Their confidence is rewarded by the outcome on signing this complex transaction, and we would be delighted to work with them again.
Daniel Bolz, Director, SIG Corporate Development