Sussex’s Michelmersh acquires Oxfordshire brick manufacturer
West Sussex’s Michelmersh has acquired Oxfordshire-based brick manufacturer FabSpeed.
The deal will expand the portfolio of products and services brick specialist Michelmersh can offer through FabSpeed’s large capacity for complex, specialist, prefabricated brick components needed by architects, engineers and housebuilders.
Frank Hanna, Joint Chief Executive Officer of Michelmersh, said: “The FabSpeed acquisition will enhance Michelmersh’s strategy to remain Britain’s leading specialist brick manufacturer. Combining FabSpeed with Michelmersh’s existing clay product manufacturing business will create a leading combined Group in clay and associated prefabricated products.
“FabSpeed will seamlessly integrate with the Company’s premium-centric market strategy, due to its high-quality product range, proficiency for customer service and desirable aesthetics. The enlarged Michelmersh Group will continue to position itself at the forefront of industry innovation with a broader product portfolio and enhanced routes to market, utilising FabSpeed’s complimentary customer base and distribution channels.
“We are proud to add FabSpeed to our expanding portfolio, as we continue to be recognised as one of the most trusted names behind today’s prestigious built environments. The Group welcomes the FabSpeed team to the business and looks forward to building on the significant success already achieved by its dedicated team across the UK.”
Read more - Andover’s Stannah Group acquires Dorset-based wood specialist
FabSpeed is itself the result of the 2020 merger between LiteSpeed and Fab-Lite, and boasts a number of large housing developers among its clients. It has a reputation for its prefabricated building solutions, using modern technologies to maximise efficiency.
FabSpeed’s flexible manufacturing methods allow for tailored designs and sizes for chimneys and arches, and the company’s Pro-Clad and Pro-Steel brick cladding systems have a comparatively low environmental impact.
Chris Penston & Mark Richards, Directors of FabSpeed, said: “We are delighted to join the Michelmersh Group today. Our portfolio of innovative prefabricated brick products will add diversity and complement their existing premium range, making Michelmersh the specialist one-stop manufacturer for all brick requirements.
“This opportunity enhances our Nationwide coverage by integrating fabrication facilities within the existing brick manufacturing sites, adding capacity, flexibility and growth. We look forward to exciting times ahead.”
Michelmersh were advised on the deal by a team from Burges Salmon, led by Corporate Finance partner Dominic Davis, alongside senior associate Bethan Penrhyn-Jones, associate Rebecca Brown, solicitor Ellen Robinson and trainee Isabel Rawlings.
Burges Salmon's Dominic Davis said: “Once again we have thoroughly enjoyed working with Ryan, Frank, Peter and the wider Michelmersh team and helping to secure this important addition to the Michelmersh Group’s portfolio.”
Ryan Mahoney, Michelmersh’s chief financial officer, said: "Dominic and the broader Burges Salmon team provided invaluable legal expertise and advisory support throughout all stages of the process and the Board and the Executive team are hugely appreciative of their professionalism and diligence in helping us successfully close this important strategic acquisition of FabSpeed.”
Lead advisory and diligence on the sale was provided by Pierce Corporate Finance, led by Tom Wilkinson, while legal advice and support was provided by Farleys Solicitors LLP, led by Richard Bell.
Chris Penston, director at Fabspeed, said: “Fab-Lite and Litespeed both decided to engage with Pierce some years ago following an initial consultancy-based role led by Tom Wilkinson.
“Tom was at the forefront of negotiating a merger between our two respective businesses 2 years ago, offering great advice on how to structure the deal and create FabSpeed UK.
“When we were approached by Michelmersh PLC shortly thereafter to purchase FabSpeed UK, he was the obvious choice to fight our corner.
“His advice and personal touch helped get through the entire process and deal with the many complexities. He and his team were always around to provide expertise and support at every step of the way.
“On behalf of Mark and I, thanks to Tom and all at Pierce for their help on the journey.’’
Tom Wilkinson, Director of Pierce said, "I am absolutely delighted for the shareholders of FabSpeed on the disposal of the group to Michelmersh Brick Holdings Plc.
"Since we acted on merging two respective regional businesses less than two years ago, it’s amazing how quickly the group has gone from strength to strength to the business and leading industry brand of today! A testament to the directors and wider leadership team and we look forward to seeing the group now be taken to the next level.’’
Read more - Oxford spin out Alloyed leases last unit at Abingdon Business Park
Featured image credit: Michelmersh
