Bracebridge Corporate Finance has advised the shareholders of Surestop Ltd on a sale to Polypipe Group plc.
Surestop manufactures and supplies an innovative range of plumbing products to home owners, social housing landlords and builders and plumbers merchants across the UK.
The company, owned by Alan Vurlan and Martin Dalton, has shown significant double digit growth over the last few years and has gone from strength to strength under their strategic direction. They have gradually stepped back from the day to day operations of the business and allowed the management team to take the business forward.
Alan Vurlan commented: “We are extremely proud of the entire team at Surestop and we have every confidence that the company will continue to expand under Polypipe’s ownership. Finding the right home for Surestop was very important to us. The Surestop stopcock is a unique product, invented by my business partner and a fine example of British ingenuity. The product protects property from the risk of water damage, allowing mains water to be easily turned off in an emergency at the flick of a switch and should be installed in every home”.
The shareholders appointed Bracebridge Corporate Finance to explore the strategic options for exit and to advise on a targeted sale process. Polypipe, which floated on the stock market in April 2014, emerged as the preferred bidder. Polypipe is the largest manufacturer in the United Kingdom, and among the ten largest manufacturers in Europe, of plastic pipe systems for the residential, commercial, civils and infrastructure sectors.
Peter Shepherd, Polypipe’s Finance Director commented: “We are delighted to add Surestop to our group. We are committed to supporting the management team to continue to grow the business”.
Andy Moore, Managing Director of Bracebridge Corporate Finance added: “This is an excellent result for the shareholders of Surestop as it fitted perfectly with their retirement plans. We conducted global research to identify those buyers with the best strategic fit and after careful consideration, selected Polypipe as the preferred bidder. The process was completed in just over 4 months”.
Terms of the transaction were not disclosed.