Tile and flooring brand Genesis has been acquired by French group Gerflor in an undisclosed deal.
The £16.1m turnover Stokesley firm, which also has offices Columbia and India, has become part of the €1.5bn turnover group which has UK operations in Cheshire. Genesis employs about 55 people and sells products in more than 70 countries, having been established in the late 1980s.
Aidan Bruce, the sole shareholder of Genesis, said: “I am delighted with the way the transaction has gone. Gerflor is established in more than 100 countries and is continuously developing its activities in new markets. In acquiring Genesis, Gerflor’s directors saw an opportunity to add further depth to the Gerflor range and at the same time, expand its marketplace.
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“It has been hard but rewarding work over the last 35 years. I could not have wished for a better team to have supported me throughout this time nor a better outcome for the business and staff who will all be retained by the new owners.”
Group financial director at Genesis, Adam Pritchard, added: “This was a major transaction for us, and it was made much easier working with both teams whose experience of working with non-UK firms shone through. They were very professional and proactive throughout, working diligently to hit our timetable.”
Genesis was supported in the deal by law firm Swinburne Maddison, with corporate and commercial partner Martyn Tennant leading and supported by solicitor Jess Stevens; lead partner in relation to property matters Victoria Walton; Niamh Wilson, and managing associate Sharney Randhawa. Business advisors and accounts Armstrong Watson also provided advice. Meanwhile London-based firm, Travers Smith and financial advisory firm Eight Advisory, advised Gerflor.
Mr Tennant said: “The satisfactory and timely completion of the transaction serves to demonstrate the breadth of partner-level expertise that the Swinburne Maddison team can offer clients from our Durham head office.”
David Wilson, corporate finance partner at Armstrong Watson, was supported by Ellis Kerton and Hayley Deeming provided corporate tax advice. Mr Wilson said: “Genesis has been a longstanding client of Armstrong Watson’s and I am pleased we have been able to assist Aidan and group financial director, Adam Pritchard, in this milestone event, which will allow Aidan to reap the rewards of his hard work over the last 35 years and at the same time, secure the future for Genesis employees.”
Original artice – https://business-live.co.uk/all-about/yorkshire-humber
