Deal Summary – Bassetts
| CLIENT: | Bassetts |
| SECTOR: | Retail and distribution |
| DEAL TYPE: | Trade sale |
| DEAL SIZE: | Undisclosed |
| INVESTOR: | Saint Gobain (France) |
Background to Sale
Alaris managed a sale process on behalf of the shareholders of the company (two brothers who had originally founded the business).
The process was started as a result of an approach received from a company (that was subsequently well behind the ultimate purchaser on price).
The business was selectively marketed to international companies including the leading groups in the United Kingdom and Ireland.
Competing bids were received from a number of parties.
The ultimate purchaser had originally declined to pursue an acquisition early in the sale process. Alaris had, however, maintained a dialogue with the purchaser’s team so that they could be brought back quickly into the process at a later date (which was precipitated by a combination of their confirming internally their own strategy and the desire not to miss out to one of their competitors).
The deal negotiated allowed the vendors to retain the freehold property assets which were extracted from the company through a tax-efficient taper relief mechanism.
The deal also allowed the vendors to retain a business in Northern Ireland which they continue to operate through their other business interests (despite the fact that it has customers in common with the acquired business).
The vendors were retained and allowed to manage the business on a relatively autonomous basis post-acquisition.