26 DEALMAKERS
A PLUM PIECE OF BUSINESS
Skelmersdale-based online retailer Victorian Plumbing has acquired rival Victoria Plum for £22.5m.
Trading under similar names and operating in the same sphere, the two businesses have tussled in the past with Victoria Plum winning a trademark case in court in 2016.
More recently, Doncaster-based Victoria Plum has struggled, entering into administration and making moves to significantly reduce its costs.
HOMETOWN DEAL IS ON PAR
Large scale acquisitions of Lancashire businesses by international groups have been making the headlines in 2024.
However, the new owner of a Preston headquartered rubber products manufacturer is much closer to home.
Plastic and Rubber Group (PAR), ranked as the 10th most profitable SME in last year’s Lancashire Business View Hot 100 list, has been acquired by another Preston based business.
R&G Fluid Power Group (R&G), part of FTSE 100 group Diploma, has bought the specialist business in deal reported to be worth £38m.
PAR, a family-owned business for more than 40 years, is based in Chorley with additional premises in Greater Manchester. It is known locally for its sponsorship of Preston North End.
The company provides bespoke services including plastic machining, plastic fabrication, waterjet cutting, CNC profile cutting, industrial stitching and rubber moulding.
These services allow PAR to manufacture products such as gaskets, rubber mouldings and precision-engineered and fabricated components. In addition to its bespoke engineering capabilities, PAR also stocks and distributes an extensive range of hoses and fittings which complement the core offering of R&G Fluid Power Group.
Established in 2017, R&G has 40 UK divisions providing bespoke engineering, gaskets and seals, hose and couplings, hydraulics and pneumatics. It is based on the Roman Way
industrial estate in Preston.
Diploma is an international distributor of specialised products and services in the controls, seals, and life sciences sectors.
PAR will form part of Diploma’s UK aftermarket business in the seals sector, adding scale to R&G’s Seal & Gaskets division.
It will continue to operate under its current brand and existing locations and its directors will continue to lead the business.
R&G chief executive Johnny Thomson said: “PAR has an excellent customer-proposition with clear value-add. It’s a fantastic addition to R&G: building capability, further diversifying the customer base, and expanding end markets.”
Diploma is a £1.2bn-turnover international group focused on three sectors – controls, seals and life sciences. It has made nine acquisitions in the past two years.
In a statement announcing the deal PAR said: “Becoming part of R&G Fluid Power Group gives assurance and enables accelerated growth, providing opportunities and security for our company and all PAR staff for the future.”
Dean Curtis, corporate finance director at Beever and Struthers, who advised on the sale, added: “PAR’s expertise, customer proposition and reputation complement and enhance R&Gs existing capabilities, it’s a fantastic addition to the R&G Group. We look forward to seeing the business grow and flourish as part of the larger group.”
The agreed price for AHK Designs, which trades as Victoria Plum, represents 0.5x of its estimated annual revenue.
Meanwhile AIM-listed Victoria Plumbing has enjoyed strong growth. For the year ended September 30 2023 turnover was £285.1m, up from £269.4m the year before. Gross profit was £134.6m, up from £121.0m.
The company is also taking on a new 544,000 sq ft home in Leyland.
Mark Radcliffe, chief executive of Victorian Plumbing, said: “I am delighted to announce the acquisition of Victoria Plum, a well-established brand with a solid base of customers, suppliers and product ranges.
“The acquisition aligns with our ambitions to accelerate our growth. We are pleased to welcome the existing Victoria Plum team to our group and look forward to continuing to provide customers with a fantastic range of bathroom products and accessories.
He added: “This acquisition represents another exciting strategic milestone for the company and, together with the investment in our new distribution centre, provides a unique opportunity to deliver increased shareholder return.”
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