Addleshaw Goddard were delighted to act for James Donaldson & Sons in relation to its acquisition and funding of the timber frame division of The Stewart Milne Group.
This is a very significant acquisition for the Donaldson Group and secures the future of the Stewart Milne Timber Systems business. The business joins a number of other brands which the Group hold including James Donaldson Timber, Donaldson Timber Engineering, MGM Timber, James Donaldson Insulation, Smith & Frater, Rowan Manufacturing, Kitchens International, Stonecare and Nu-Style Products.
AG supported the Donaldson Group in advising on the acquisition led by corporate partner Andy Ley but also played a key role in the Company securing senior debt funding from a three bank syndicate of Bank of Scotland, HSBC and Royal Bank of Scotland. Finance partner Euan Cluness led the financing elements of the transaction assisted by Rachel Fisher and Thomas Wright.
Euan said "We have acted for the Donaldson Group for a number of years but we were aware of the significance of this transaction to the business. It provides a fantastic opportunity for growth into the timber frame market at a time when interest in that sector is at an all-time high. It was fantastic to work with the team at Donaldson in putting in place the funding package which works for them and for their funders. The transaction was done in a very short time period and all parties worked very collaboratively to achieve a great outcome for the Group."
This represents an exciting new chapter for the Donaldson Group who have remained in family ownership since they were founded in 1860. All at Donaldsons were delighted to secure the acquisition and funding. Arlene Cairns the Group's Chief Financial Officer said:
"We were delighted to have our trusted advisors from Addleshaw Goddard, to support the largest acquisition the Donaldson Group has completed to date. This strategic acquisition is pivotal to the next evolution of the Donaldson family’s strategic growth ambitions. The collaboration, drive and commercial advice from Andy Ley, Euan Cluness and their teams ensured we completed the transaction and debt funding in record time and enabled us to bring a fantastic business into our portfolio."