Sentio have advised H C Slingsby plc (“Slingsby”) on its acquisition of ESE Direct Limited (“ESE”) for cash consideration of £3.9 million, financed through a combination of cash and asset backed debt.
ESE is an award winning, profitable, independent company operating in the same sector as Slingsby and was established in 1975 in Norwich. Originally operating under the name Eastern Storage Equipment Limited, the business has grown from supplying shelving, mezzanine flooring and partitioning to offering an array of industrial and commercial equipment encompassing office and commercial, workshop, site safety, security, and environmental supplies, largely via the internet.
The acquisition provides Slingsby with an opportunity to diversify its brand portfolio enabling the more effective targeting of different sub-sets of customers with alternative service propositions and varying pricing strategies. The acquisition fits directly into the company’s core operations, immediately contributing to group profitability and adding economies of scale.
Commenting on the acquisition, Slingsby Managing Director, Dominic Slingsby said: “We are delighted with the acquisition. We have been looking at suitable targets for some considerable time and ESE Direct is an excellent fit. The incremental profitability and synergistic benefits will place the wider group in a far stronger position for both companies to better exploit opportunities in their respective market sectors.”