Associated Timber Services branches out…
ATS is a well-established business based near Grantham which operates in the UK’s specialist hardwood timber market. ATS has an annual turnover of c.£5m and employs c.40 staff. The business is owned and managed by Andy Lodowski and Rupert Schofield who have worked together in this sector for 28 years. Based in North Yorkshire, Boddy’s operates in similar sectors to ATS and is highly respected within the industry. The completion of this deal has provided an exit for the shareholders of Boddy’s and has created an opportunity for ATS to unlock the potential at Boddy’s and achieve a step change in its business by almost doubling in size.
BHP Corporate Finance provided transaction advisory services and advice in connection with fundraising. Liz Pickering from Santander Corporate Banking provided debt funding to facilitate the transaction.
Andy Lodowski, managing director and major shareholder of ATS commented “John Boddy Timber is a business I have admired for a number of years. Its name is synonymous with the specialist hardwood timber market in the UK, is steeped in history and it is an excellent strategic fit with ATS”. He continued “We are grateful to the team at BHP Corporate Finance for its sound advice, hard work and persistence in getting the job done in limited time”.
The BHP Corporate Finance team was led by partner David Forrest and director John Longstaff who commented “We are delighted to have worked with Andy and Santander on this acquisition. Boddy’s has an impressive reputation and I am confident it will be re-established as a key player in the hardwood timber market under Andy’s stewardship as part of ATS”.