EY advises on the £30m sale of Simon Howie’s manufacturing arm
EY’s corporate finance team in Scotland, led by partner Ally Scott, acted as lead advisors on the £30 million sale of two businesses by Perthshire-based entrepreneur Simon Howie.
Mr Howie, best known as a family butcher and food producer, has sold Mermaid Panels and Shore Laminates, manufacturers of shower walls and wall panel systems, to Wilsonart Engineered Surfaces, a global manufacturer and distributor of engineered surfaces headquartered in Austin, Texas.
Wilsonart has bought the business as a bolt-on to its other UK operations, Bushboard and Wilsonart UK, which make laminate-faced products such as kitchen worktops and wall panelling.
EY’s corporate finance team in Scotland - led by Mr Scott and assisted by Richard Rainey and Andy Kerr - originated the sale, helped by its existing relationships with Mr Howie and the Wilsonart executive team.
Ally Scott, EY’s head of transaction advisory services in Scotland, said: “Simon is a renowned entrepreneur and one of the 2013 UK winners of EY Entrepreneur Of The Year. This transaction is an excellent strategic fit for both buyer and seller and builds on my relationship with Simon of more than 15 years when we worked together on the successful Shore Recycling investment. We are delighted to have been lead advisor and it has been a great pleasure to help deliver this outcome.”
Mr Howie added: “We were very impressed by EY’s deal-making skills and attention to detail throughout the sales process – a big thanks to Ally Scott, Richard Rainey an Andy Kerr at EY.”