A Bristol timber and brick business founded in 1959 has been acquired by AIM-listed Brickability Group for around £63m.
Clifton-based Taylor Maxwell Group distributes timber for use in the construction, pallets and fencing sectors, as well as materials for façades, including facing bricks, masonry and cladding for house building and commercial building projects. It has a turnover of more than £250m.
Brickability, a specialist provider of building materials for house builders and contractors, said the acquisition would "broaden" its product offering, adding timber and cladding to the group.
It also said it would boost its market position in key products and provide an opportunity for future organic growth.
Shareholder and director Mark Phillips said: "Taylor Maxwell has developed a strong reputation for the quality of its product range and the added-value nature of its service.
"In considering a potential sale, it was important an acquirer would continue to operate the business in this manner and to preserve the Taylor Maxwell values and ethos. I believe that Brickability fits this criterion perfectly."
The Bristol offices of Grant Thornton Corporate Finance and law firm Burges Salmon advised the shareholders. Grant Thornton also provided tax advisory services.
Grant Thornton corporate finance associate director Andrew Charter added: "We have assisted the Taylor Maxwell Group for a number of years; it is a truly outstanding business and we are delighted to have helped the team complete this deal.
"Brickability is an ideal partner for the business going forward and we are confident it will build upon the Taylor Maxwell reputation. Although this deal provides a successful exit for a few shareholders, the majority will continue in the business going forward.”
