Manutan Group acquires IronmongeryDirect
Arrowpoint Advisory's Consumer, Retail and Leisure team has advised the shareholders of IronmongeryDirect Limited (www.ironmongerydirect.com) on the sale of the business to Paris-based Manutan Group, a leading European mail order supplier to businesses and local authorities.
The acquisition reinforces Manutan's position in the UK market, where it already operates two successful brands: Key, its long-time subsidiary, and Rapid Racking, which was acquired in 2008.
Based in Essex, IronmongeryDirect was founded in 1969 as a traditional ironmonger's shop, and has since grown to become the UK's largest specialist distributor of ironmongery for the trade, offering over 14,000 in-stock items ready for next day delivery throughout the UK. Over the last five years IronmongeryDirect has achieved compound growth of over 20% per year to 18m of sales in the year ended 31 December 2012.
Wayne Lysaght-Mason, Managing Director at IronmongeryDirect commented: “We have worked with the Arrowpoint Advisory team since appointing them in 2010 to help us prepare the business for the next stage in its development. They provided the shareholders with excellent hands-on support and guidance throughout the process. The Arrowpoint Advisory team were also integral in ensuring that the transaction reached a successful conclusion for all parties. The Manutan Group and their approach to business, their values, and commitment to people makes them an ideal fit for IronmongeryDirect.”
Simon Cope-Thompson, Managing Director at Arrowpoint Advisory added: “Manutan is an excellent strategic partner for Wayne and the Ironmongery Direct team. We are delighted to have worked side-by-side with the shareholders over the past four years as the company has achieved its rapid growth and developed its leading market position as a multi-channel supplier of ironmongery to the trade.”