Orbis Wins International Deal Of The Year
We are delighted to announce that Orbis Partners has won the International Deal of the Year award at the Midlands Dealmakers Awards 2017 for the sale of LG Harris & Co Ltd (Harris) to Orkla for £55 million.
Orbis were engaged in 2013 to deliver a profit improvement plan and subsequently orchestrate a sale process to maximise consideration for shareholders. In 2013 the business had revenues of £49m and EBITDA of £1.4m. For the 12 months to March 2016, Harris achieved revenues of £61m and EBITDA of £5.7m.
Harris was founded in 1928 and was owned by the Harris family, together with the company’s management and employees.
Harris is a market leader for painting tools in the UK Do-It-Yourself (DIY) market, with well-known brands such as Harris, Lynwood, Harris Victory and T-Class. The majority of the company’s sales are made in the UK market, and there is also significant export business.
The transaction was led by James Grenfell and Gary Ecob with legal support from Simon Gill at Gateley plc.
It’s fantastic to have received recognition for the high-profile sale of a local business to an international group. We worked with Harris for a long period of time which helped to secure a great result for the shareholders, management, and the team at Orbis.