Successful merger forms FabSpeed UK Group
Pierce was delighted to advise on the successful merger of two of the UK’s leading brick fabrication specialists, The Fab-Lite Group and Litespeed Construction Systems, forming the new FabSpeed UK Group.
Combining nearly 70 years of experience and technical know-how in the brick Industry, the group will create one of the UK’s largest off-site brick fabrication companies.
Offering a nationwide service in prefabricated brick chimneys, arches, brick special shapes as well as a specialist range of BBA approved panel and masonry support systems from three manufacturing sites based in Yorkshire and Oxfordshire.
The new enlarged business is well placed to help deliver the government and construction industry drive to move to off-site solutions and utilise modern methods of construction, which is critical to overcome the skills shortage and provide the increased demand in future housing, infrastructure & commercial construction projects.
Chris Penston and Mark Richards, the respective managing directors of each business will continue to be heavily involved on a day to day basis to help drive the new group forward.
Chris Penston commented: "The merger of our two businesses under a single brand, bring the leading players in our industry together to create a one-stop shop across the UK, sharing best practice between our three respective manufacturing sites and giving customers the confidence that we have the technical expertise, backed by accredited products to supply construction sites across the UK. We will also continue to invest in technology and automated processes to ensure that we remain at the forefront of our market at competitive prices."
Mark Richards added: "The Brick Fabrication industry is currently fragmented and regional. We need to ensure that our customers have the support of a truly national business that has scale and takes seriously the obligations on quality, health and safety and the environment, whilst at the same time keeping focus on strong customer service. The merger ensures that we are at the forefront of all of these as we continue to look for further expansion opportunities across the UK."
Both directors also wished to thank customers, suppliers and staff, all of whom have played their part in this opportunity and will continue to do so in the future. Immediately it is business as usual. Integration will be a considered process involving all stakeholders.
Pierce directors Tom Wilkinson and Nadeem Hussain were the lead advisors on the merger. Farleys Solicitors advised on legal-based matters.
Tom Wilkinson said: "Having dealt with both the Fab-Lite Group and Litespeed Construction Systems separately as valued clients of the firm, we were delighted to advise them in formalising their new FabSpeed UK group structure.
"It is pleasing to see entrepreneurial and forward-thinking clients looking to the future even during the current pandemic. The merging of two businesses at opposite ends of the country was challenging during current times and one which we won’t forget any time soon!
"We wish the directors well in this exciting new chapter and look forward to seeing the business go from strength to strength. Thank you to everybody involved in the process."
Chris Penston added: "Starting the process of a merger with one of our main competitors was a daunting task. Anyone considering this or indeed a sale/acquisition, my advice is make sure you have a good corner before you climb into the ring! In our case, both sides had their concerns along the way about the structure of the deal but Tom and the team at Pierce were experienced enough to realise this is all part of the process.
"Their advice was professionally given, and it felt like they were living the experience with us along the way. Tom was on hand to assist at every step along the way and I would have no hesitation in recommending Pierce."
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