Benchmark International is pleased to announce the transaction between Stoke-on-Trent based Hymor Timber (Hymor) and National Timber Group (NTG).
Established in 1990, Hymor is an independent timber merchant supplying ethically sourced hardwood and softwood to a range of trade and commercial customers, including joiners and manufacturers.
Hymor employs 28 people and in 2020 achieved revenues of £4.5m. Hymor’s acquisition was initiated by the owners’ succession planning.
National Timber Group is the largest independent added-value timber distribution and processing group in the UK, serving a diverse customer base including joiners, housebuilders, and contractors. Created through the acquisitions of market-leading brands Thornbridge, North Yorkshire Timber, Rembrand and Arnold Laver, the group now has a combined turnover of over £250 million, over 1,300 employees, and 64 processing and distribution sites.
National Timber Group is a portfolio company of Cairngorm Capital Partners, a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in strongly performing, private mid-market growth companies in manufacturing, distribution and services industries.
A highly complementary and strategically beneficial transaction, it enables National Timber Group to expand into the Midlands and North West. Hymor’s product offering also complements those at NTG’s specialist hardwood depot in Hull that serves Yorkshire and the Humber.
Following the transaction, Hymor’s founders/executives, Graham Morris, Roger Malkin and Chris Hyde, will work with Rob Barclay and Patrick Guest, NTG’s Chief Executive and Managing Director for England, to achieve its successful integration into the group.
Commenting on working with Benchmark International, Hymor's founders said: "We are so glad we chose Benchmark to help us sell our company. They far exceeded our expectations. They found us the perfect buyer and stayed with us every step of the way. James Sloane was exceptional. Excellent at negotiation, project management and tackling all the difficult negotiations. We had a very tight deadline and we would not have achieved it without him."
Roger Malkin also added: “As founders, Graham, Chris and I are extremely proud of all that we have achieved so far. We know that Hymor is capable of achieving much more. So our priority was to find a partner with shared goals and values who would help it to fulfil its future potential. We were impressed with National Timber Group’s focus on product quality and its commitment to the highest standards of customer service. We are confident that we have selected the right partner and that Hymor will continue to prosper within the enlarged group.”
Rob Barclay, Group Chief Executive of National Timber Group, added: “We are delighted to welcome Hymor Timber to the group – our shared expertise and commitment to our customers makes this an obvious and complementary partnership. Together, we will increase our offering in the important hardwood timber category and extend our range of services in the Midlands and the North West, improving our customers’ experience.”
Cairngorm Capital’s investment was led by Neil McGill, Managing Director, and Josh Chilton, Investment Manager. Neil explained, “As investors, we are actively engaged in the strategy and operational development of our portfolio companies. As a result, we take great care to identify complementary acquisitions. Hymor is a highly successful timber merchant with a strong local brand and impressive performance, which pairs well with NTG. We are delighted with this addition to NTG.”
Hymor was advised on the transaction by Benchmark International (corporate) and Knights plc (legal).
National Timber Group and Cairngorm Capital were advised on this transaction by Johnston Carmichael (financial and tax) and Addleshaw Goddard (legal).
WE ARE READY WHEN YOU ARE
Call Benchmark International today if you are interested in an exit or growth strategy or if you are interested in acquiring.
Europe: Michael Lawrie at +44 (0) 161 359 4400 / Enquiries@BenchmarkIntl.com
Americas: Sam Smoot at +1 813 898 2350 / Smoot@BenchmarkIntl.com
Africa: Anthony McCardle at +27 (0) 21 300 2055 / McCardle@BenchmarkIntl.com
ABOUT BENCHMARK INTERNATIONAL
Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximising solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $6B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.