The board of Styles & Wood has agreed takeover terms with Central Square Holdings Ltd (CSHL).
CSHL is described as “a large, UK-based business with specialisms in the sourcing, manufacture and management of life-cycle solutions for furniture, fixtures and equipment”. It is owned by Steve Parkin, chairman and founder of delivery business Clipper Logistics, which counts some of the country’s biggest retailers among its clients.
Clipper Logistics floated in 2014 and Steve Parkin used some of the profit to buy into interiors firm Southerns Group last year. The plan is to combine this with Styles & Wood.
The acquisition of Styles & Wood also brings with it Keysource and GDM Group, which it has itself acquired in the past two years.
Under the terms of the offer, which is yet to be approved by Styles&Wood’s shareholders at a general meeting, each Styles & Wood shareholder will be entitled to receive 465 pence per share, which equates to premium of 24% on the pre-offer price.
On completion of the takeover, the executive team of the enlarged entity will include Tony Lenehan, Phil Lanigan and Paul Mitchell, who will become CEO, CFO and chairman respectively of the enlarged group.
Tony Lenehan, CEO of Styles & Wood, said: “In recent years, Styles & Wood has made significant progress with its diversification strategy, driving strong organic growth supplemented by value accretive acquisitions that have broadened the group’s service line capabilities. We are confident that CSHL, with its commitment to the creation of a best in class offer within the property services market, is the right partner to take Styles & Wood to the next chapter of its growth story and we are excited about the future.”