Client case study
Amicus Building Products is the holding company of a group that comprises Madgen Limited, Décor Cladding Centre Limited and Nu*Stock Limited. Amicus was initially formed for the acquisition of Magden Limited, a £7m turnover building plastics distributor, by an MBI team led by Nick Friend. With support from Shawbrook Bank we have been able to expand the group and strengthen its profitability.
Brian Higgins of Rickitt Mitchell and Partners acted as co-principal in the acquisition of Magden Limited with buy-in candidates Nick Friend and Harry Cross. As chairman of Amicus Building Products, Brian has led the acquisition of Décor Cladding Centre and Nu*Stock as well as providing strategic guidance and corporate governance oversight.
“Rickitt Mitchell’s advice enabled us to acquire Magden Limited, Décor Cladding Centre and Nu*Stock without the constraints of external equity funding, creating a stable basis for trading as an independent business for the long term.”Nick Friend | Managing Director
The enlarged group now has annualised turnover of £16m and EBITDA of over £1.5m. As we grow we are able to leverage investment in best of breed systems across a larger operational base. From a base of 4 branches we now have 14, reducing the business’s vulnerability to any one branch losing key staff or facing a change in the local market.
With each business we have purchased we have invested in the people and communications and IT systems. We have introduced financial accounting disciplines to ensure we have trading visibility to ensure the business is well managed. With a non-executive element to the board, the business is not wholly dependent on the aspirations and timeframes of its executive management.
2 Bolt-on acquisitions
4x Profit increase
0 External Shareholders