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Case study: Gilmores

Finding an International NASDAQ listed buyer for a local packaging company

Overview

JC Gilmore Pty Ltd appointed Nash Advisory in March 2020 to help the owners sell the company as they were both nearing retirement age.

The owners of the business knew that Gilmores offered a huge opportunity for a larger company to take over and grow through expanding the customer and product base.

Following our detailed business sale process, Nash Advisory was able to successfully sell the business to UFP Industries, a US-based NASDAQ listed company with a market capitalization of USD 4.5b.  

Industry

Industrial consumables supply

Key outcomes

  • Gilmores was successfully sold to UBEECO, a subsidiary of NASDAQ-listed conglomerate UFP Industries (NASDAQ: UFPI)
  • Final deal agreed involved a heavily-negotiated earnout component
  • Comprehensive due diligence was completed in less than 3 weeks

The situation

Gilmores is a leading industrial consumables supply business offering a large and diverse suite of products for exporter / importers, building & construction and industry service industries.

Founded in 1988, the business had continued to experience year on year growth based on the company’s ability to find and source unique products at cost effective prices.

The business has over 850 customers across Australia and supplies over 1100 different products.  

The owners of the company were both nearing retirement age. Nash Advisory were engaged to find the right buyer and manage negotiations.

How we got results

1

Found the right buyer

We scanned the market in Australia and were able to find a number of prospective buyers, however none were able to provide an offer that was compelling enough for the vendors to seriously consider. Through our comprehensive research we identified UFP Industries who had recently completed a number of global M&A transactions, including one in Australia. We engaged directly with their head of M&A in the US.

2

Working Capital              

Being an inventory / stock heavy business, the working capital structure required significant modelling and estimation to ensure that an equitable outcome was achieved for the vendors. The final stock take (and obsolescence of stock) factored heavily into the calculations,  which contributed to the final settlement of funds at completion.

3

Speed to completion

The buyer was very keen to complete the transaction as soon as possible to take advantage of the key selling time in March. We were able to fast track the entire sale process by providing all relevant financial and commercial information in a comprehensive ‘data book’ to their due diligence team. This enabled UFPI to complete Due Diligence within 2 weeks.

4

Business sale process

Following our detailed business sale process, Nash Advisory were able to successfully sell the business to UFP Industries, a US-based NASDAQ listed company.

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Gilmores is a fantastic company that has a long history in the industrial supply sector. Selling a business to an international buyer during COVID was not without its challenges. UFP Industries has a history of completing many successful M&A transactions and their local presence in Australia through UBEECO assisted in streamlining the due diligence process.
Tom Butler
Tom Butler
Director

The people involved

Timeline of the sale

March 2020

Nash Advisory appointed by JC Gilmore Pty Ltd to assist them with the sale of their business.

April 2020

Nash Advisory launch sale campaign and explore potential buyer universe.

November 2020

Offer received from UFP Industries who are selected as the preferred buyer.

December 2020

Term sheet negotiated and signed.

January 2021

Due diligence commences.  

February 2021

Due diligence is completed in 3 weeks and majority of the definitive agreements agreed.

March 2021

Final definitive agreements signed and transaction completion.

Services offered

Find the right sales strategy for your business

When it comes to selling your business, Nash Advisory offers a highly detailed and extremely thorough process that produces the best possible results.

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