Enact invests in historic Yorkshire business, Bartoline Limited
Bartoline is Europe’s leading manufacturer of decorating sundries to the UK’s largest DIY retailers, as well trade and wholesale outlets. Based in Beverley, the company employees 100 people and specialises in paint solvents, fillers, adhesives, decorating sundries and wood care products.
As part of the acquisition, Enact will invest funds to support future growth and expand production capacity. Paul Robbins has been appointed as the new CEO, taking over from Simon Barton who, after 29 years of service, has retired. Paul brings significant experience from his previous roles at Akzo Nobel, most recently Managing Director of Northern Europe. He will work alongside existing Sales Director Mark Tingay and Operations Director Stuart Ockleton.
Chris Cormack of Enact commented “Bartoline is a fantastic example of a local, Yorkshire manufacturing business, steeped in family heritage that has developed into one of Europe’s leading manufacturer of decorating sundries for the home improvement market. Having been family run since formation in 1876, a lack of succession created the need for a transaction and we are delighted to have the opportunity to continue the hard work of the family and will preserve their tradition of investment in the business to deliver long term growth – bringing certainty to family shareholders and being a good home for family businesses like Bartoline is very much at the heart of the Enact investment strategy. The business has experienced growth during the pandemic, which is testament to the hard work of everyone at Bartoline in challenging circumstances and we look forward to supporting the ambitions of the management team to grow further. The acquisition is a third investment for Enact in the last 6 months and demonstrates our desire to support and enhance the performance of SME businesses through a combination of capital investment and hands-on operational and strategic support.”
Ben Peacock of Park Place Corporate Finance, who acted as lead advisor to the Bartoline shareholders, said “The last 12 months has proven Bartoline’s ability to meet demand following a sudden surge due to lockdown. During this period the business has won new customers whilst also expanding its product range with existing customers. Enact’s investment will help the business capitalise on positive market trends providing further growth opportunities as well as assisting with the challenge of management succession.”
A number of Yorkshire advisors worked on the deal. In addition to Ben Peacock and Richard Firth of Park Place Corporate Finance, the shareholders were advised by Jonathan Simms and Sarah Harrison of Clarion (legal) and Richard Skewis of Sowerbys (tax and accounting). Enact were advised by James Fawcett and Amy Pierechod of Gordons (legal), Russ Cahill of Tax Advisory Partnership (Tax), Paul Fox of Fox Lloyd Jones (property) and Jonathan Harrison of AON (insurance).
Bartoline’s long term banking partner, NatWest will continue to support the business with multiple facilities. David Rogers Relationship Director supported the business in the transaction and the bank was advised by Emma Sadler of Addleshaw Goddard.