James Latham acquires Abbey Woods of Ireland18 February 2019
James Latham has acquired the entire issued share capital of Abbey Wood Agencies Ltd, a leading Irish timber merchant and the official distributor of Accoya wood in Ireland.
The Company has acquired Abbey Woods for an initial payment of €1.825m with a further payment of €300,000-400,000 due for the net assets subject to completion accounts.
For the year ended 28 February 2018, the turnover of Abbey Woods was €7.5m and earnings before interest, tax, depreciation and amortisation was €379,000.
"We are delighted to have acquired Abbey Woods which is our first acquisition outside of the UK,” said Nick Latham, chairman of James Latham.
“There are strong synergies between the two companies and it complements our existing business in Ireland that is currently serviced from our Leeds depot. I look forward to working with the Abbey Woods team."
Founded in 1983, Abbey Woods specialises in the supply of Accoya, hardwood and softwood timber, hardwood decking, composite decking, cladding, worktops and wood components for use in a variety of market segments, from building and construction to kitchen, furniture and joinery manufacturing. Abbey Woods operates from sites in Dublin and Cork.