Bergs Timber AB has acquired the British company Performance Timber Products Group, (“PTPG”). The company manufactures, markets and sells bespoke windows and doors in the premium segment and in 2020 had sales of approximately GBP 22 million ($30.7 million).
Through the acquisition, Bergs gains access to a number of strong brands, a large knowledge in marketing and logistics, and a reputable producer of high-quality wooden windows and doors. The transaction consolidates Berg's position in the UK and creates opportunities for further expansion in the Joinery product area.
Bergs acquires 100% of PTPG and the seller is Graphite Capital and current and former management of the company. An agreement has been reached with senior executives who will remain and continue to operate the business as a wholly owned subsidiary of Bergs.
A significant proportion of PTPG's products have been supplied for many years by Berg's subsidiary Byko-Lat in Latvia. This collaboration will now be further developed, combining local market presence and knowledge of customer needs in the UK market with efficient production of high-quality windows and doors. The transaction creates opportunities for Byko-Lat to implement the plans for further expansion and development of the manufacturing of windows and doors.
The purchase price on a debt-free basis amounts to approximately SEK 140 million ($16.5 million), of which approximately SEK 110 million ($12.9 million) relates to shares and is paid in cash. The acquisition is largely financed by a new loan within the framework of an existing loan agreement with Danske Bank and Swedish Export Credit Corporation.
PTPG is one of the UK's leading players in the premium segment of wooden windows and doors. The business is conducted under the following brands: Timber Windows, Dale Joinery, Mumford & Wood.
With wood as a raw material, Bergs produces processed wood products from sustainably managed forests in the Baltic Sea region.
