Selden cleans up with funding from RBS
Derbyshire-based Selden, the UK’s leading independent producer of chemical cleaning products, has acquired the Jeyes Professional brand from Jeyes Group Ltd. with acquisition finance provided by RBS Corporate.
Selden has been in continuous private ownership by the Woodhead family since it was founded in 1968, and currently produces 45 million litres of cleaning products a year from its 150,000 square foot manufacturing, warehousing and storage facility at the edge of the Peak District National Park in Buxton.
As a result of the purchase Selden now holds the licence to the Jeyes Professional brand, launched by Jeyes Group in 2002 to serve the professional cleaning sector. The manufacture, distribution and administration of Jeyes Professional products will switch to Selden’s Derbyshire production plant from sites in Preston, Lancashire and Mold in Wales, with a number of Jeyes’ sales and engineering staff also transferring.
The deal sees Selden become the exclusive distributor of Jeyes retail products - including Jeyes Fluid, Parozone, Bloo and the Shades air freshener brand - into the professional cleaning sector. The move also greatly extends Selden’s portfolio of professional catering hygiene solutions as well as enabling Selden to offer a complete product package to the laundry market.
Mark Woodhead, Sales Director at Selden said, “This acquisition marks a step change in the already well-respected size and flexibility of Selden’s product range to the professional cleaning market. Like Jeyes Professional, Selden products are used and trusted by a wide cross-section of Britain’s best-known businesses and we’re looking forward to the new opportunities this creates.”
Advisors to Selden Research Limited were BTG Corporate Finance, Hallidays Accountants and Turner Parkinson. Matthew Young & Kate Grimoldby from RBS Corporate provided acquisition finance alongside Dave Green from RBS Invoice Finance. Baker Tilly provided financial due diligence services to transaction and Brabners Chaffe Street acted as legal advisors to RBS.
Commenting on the deal, Kate Grimoldby, Director at RBS Corporate said, “We were delighted to be able to support Selden in this latest transaction. Selden is a well-respected company and this acquisition strengthens its position in the professional cleaning industry. We look forward to working with Selden into the future.”
Emma Jones, of BTG Corporate Finance added “We are pleased to have been able to assist Selden with their purchase of the Jeyes Professional Division. This acquisition has expanded the Selden product range and provided Selden with numerous new opportunities for growth”.
Paul Whitney, Partner at Hallidays stated, “Hallidays have been delighted to assist our long standing client, Selden, with the latest stage of their growth plan. Working alongside the Directors, Hallidays provided integral support on the financial modelling of the combined business, along with vendor and lender negotiations. The acquisition of Jeyes Professional Division provides an excellent opportunity for Selden to expand further into the catering cleaning sector, enhancing their already strong and well respected customer offering.”
Corporate partner Andrew Booth from law firm Turner Parkinson said, “It was a pleasure to act for Selden on this transaction, which presents exciting possibilities for them to expand in their existing sector”.
Gary Houghton from Baker Tilly Corporate Finance LLP commented, "This deal demonstrates that there is an appetite for bank funding in the current environment. The acquisition will leave Selden well placed to compete going forward."
Emma qualified as a Chartered Accountant in 2002. Since then, she has specialised in corporate finance, joining BTG-McInnes in July 2006. She has extensive experience in advising the SME market on fundraising, re-financing, acquisitions and disposals, across a broad range of industries.