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12 Oct 2021

MCF advises Endless LLP on the sale of BSW Timber Group to Binderholz

Endless LLP (“Endless”), the UK-based private equity investor, has sold BSW Timber Group (“BSW”) to Binderholz GmbH (“Binderholz”). The acquisition by Binderholz will allow the company to expand into the UK market and will create one of the largest timber groups in Europe. MCF advised Endless LLP on this cross-border sale and helped facilitate the transaction through its expertise in the forest products segment and proven ability to successfully originate and execute structured bilateral transactions.

"We are very pleased to be strengthening our position in the value-added timber market by becoming part of the Binderholz family. The opportunity to enhance our supply chain and additionally widen our product offering is exciting. This represents another major milestone in the growth of BSW and we are looking forward to drawing on the expertise and knowledge of the Binderholz team.”

Tony Hackney

CEO of BSW Timber Group

The Deal

BSW was acquired in 2020 by Endless after more than 170 years in private family ownership. The successful transaction enables Binderholz to pursue its ambitious growth plans across the UK and Europe. MCF acted as an advisor to Endless and BSW throughout the sale process.

During its ownership, BSW, with support from Endless, acquired Dick Brothers Forestry, Bayram Timber and SCA Wood UK, strengthening its position as the UK’s largest integrated forestry and sawmilling group. The combined group now provides products and services throughout the timber value chain within the UK.

With its acquisition of BSW, Binderholz will become the leading timber group in the UK and Europe with a combined turnover of approximately £2bn. Following completion, Binderholz and BSW plan to undertake a significant capital investment programme in the sites to increase capacity and broaden the capabilities of the business.

Please see Endless LLP for further detail.

The Target

BSW Timber Group is the UK’s leading integrated forestry and sawmilling business, employing 2,000 people and with a turnover of more than £650 million annually.  Founded in 1848 and headquartered in Earlston, Scotland, the business comprises five main operating divisions:  tree nurseries, forestry management, tree harvesting, sawmilling, and energy.  It operates seven sawmills across the UK and one in Latvia.

About Endless LLP

Endless LLP is a UK private equity investor with offices in Leeds, London, and Manchester. The firm focuses on UK headquartered businesses with a turnover between £10 million and £1 billion, and its investors include universities and charitable organisations, family offices and pension funds.

About Binderholz GmbH

Binderholz was established in 1950 and is an Austrian producer of solid wood products and innovative mass timber solutions with 14 global locations. Apart from the headquarters in Fügen in Tyrol binderholz has 13 further sites in Austria, Germany, Finland, the United States employing approx. 3,000 people in Europe and the USA.

Disclaimer

The acquisition is subject to normal closing conditions and approval from the Austrian Competition Commission and UK Financial Conduct Authority.