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Unquote
  • Exits

Sioen acquires AAC's James Dewhurst for £44m

  • Alice Tchernookova
  • Alice Tchernookova
  • @alicetcherno
  • 25 May 2017
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Dutch industrial group Sioen Industries has acquired technical textiles manufacturer James Dewhurst, previously backed by AAC Capital Partners.

AAC had been backing James Dewhurst since 2008, when it acquired a majority stake in the group. Sioen is acquiring shares from the GP, as well as from the Brierley family and management, the group said in a statement.

Prior to AAC's investment nine years ago, the company had been owned by the Brierley family since 1991.

James Dewhurst

  • DEAL:

    Trade sale

  • VALUE:

    £44m

  • LOCATION:

    Altham

  • SECTOR:

    Industrial suppliers

  • FOUNDED:

    1933

  • TURNOVER:

    £40m

  • EBITDA:

    £6m

  • VENDOR:

    AAC Capital Partners

With the acquisition, Sioen division Veranneman Technical Textiles will strengthen its position in the market of reinforcement textiles and should be able to expand its product range with a variety of woven, laid and laminate scrims and fabrics, according to the acquirer.

With the backing of AAC, James Dewhurst developed a proprietary manufacturing technology that allowed it to bolster its position on the open-construction laid scrims market.

Sioen said it expected to take over James Dewhurst as of early June.

Deal Description 
In 2008, AAC acquired a majority stake in James Dewhurst, a manufacturer of engineered industrial reinforcement textiles. The Brierley family reinvested alongside the GP and retained a significant share in the business. Debt for the deal was provided by Barclays and HSBC.

Company
Founded in 1933, James Dewhurst is a manufacturer of technical textiles used for various applications, and claims to be the EU's largest producer of open-construction laid scrims. It is currently active in six sectors: building and construction, industrials, geotextiles, health and hygiene, and packaging and transport. James Dewhurst's products are notably used in insulation and roofing felt products, for coating and laminates, as well as in light conveyor belts and filtration.

In addition to the operations in the UK, the group has facilities in Georgia, the US and Hungary. Dewhurst is headquartered in Altham, Lancashire, and forecasts sales of £40m with an EBITDA of around £6m this year.

People
AAC Capital Partners
– Patrick Bulmer; Dominic Collier (partners).

Advisers
Vendor – Cavendish Corporate Finance (corporate finance).
Buyer – Allen & Overy (legal). 

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