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.
Industrial consumables supply
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.
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.
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.
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.
Nash Advisory appointed by JC Gilmore Pty Ltd to assist them with the sale of their business.
Nash Advisory launch sale campaign and explore potential buyer universe.
Offer received from UFP Industries who are selected as the preferred buyer.
Term sheet negotiated and signed.
Due diligence commences.
Due diligence is completed in 3 weeks and majority of the definitive agreements agreed.
Final definitive agreements signed and transaction completion.
When it comes to selling your business, Nash Advisory offers a highly detailed and extremely thorough process that produces the best possible results.