Stokesley-based group, Genesis Brands Limited (Genesis) has concluded a sale for an undisclosed sum, to French company Gerflor, a specialist and world leader in eco-responsible flooring.
Aidan Bruce, the sole shareholder of Genesis, instructed Armstong Watson Accountants, Business and Financial Advisers and law firm Swinburne Maddison at the beginning of the year in the sale of the company which he established in 1989.
The Newcastle office of business and financial advisers, Armstrong Watson, worked in tandem with Swinburne Maddison to get the deal over the line to meet the required timetable.
Genesis currently employs 55 people and its products are available in over seventy countries with additional operational bases in Colombia and India. Having begun exporting just one year after it launched in 1990, Genesis quickly became an established brand, both in the UK and abroad, more recently diversifying its range to cross over into contract flooring and soft flooring tools together with entrance matting.
As Aidan explains, this made Genesis a very good fit for Gerflor, which creates, manufactures and markets design-led and eco-responsible solutions for flooring and complementary interior finishes. He 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.
“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.”
Martyn Tennant, corporate and commercial partner, led the transaction for Swinburne Maddison, assisted (with others) by Jess Stevens, solicitor, providing corporate support; Victoria Walton, Swinburne Maddison’s lead partner in relation to property matters with support from Niamh Wilson; and managing associate, Sharney Randhawa, who advised on employment matters.
Commenting on the transaction, Martyn said: “Before instructing us in this matter, Aidan received three separate recommendations about Swinburne Maddison’s capability, which was very encouraging to hear. Thanks to the strength and depth of our team and our experience in dealing with complex legal arrangements, we were well placed to take on this instruction and meet the project timetable. 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.”
Group financial director at Genesis, Adam Pritchard, worked day-to-day with the Armstrong Watson and Swinburne Maddison teams on the transaction. He 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.”
David Wilson, corporate finance partner at Armstrong Watson, was supported on the transaction by Ellis Kerton with corporate tax advice provided by Hayley Deeming. David 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.”
London-based law firm, Travers Smith and financial advisory firm Eight Advisory, advised the purchaser.
The completion of the Genesis sale marks the end of a particularly successful financial year for Swinburne Maddison as it kicks off its new and ambitious three-year plan on 1 June.
