Birketts has advised the owner of Essex Limited Top 100 company, APP Wholesale Limited (APP), on the sale of its majority shareholding to premier retail manufacturer business, Lords Group Trading Ltd (LGT Ltd).
Formed in 1969 by Allan Pierce, premier plumbing distribution company, APP, supplies independent plumbing and heating merchants with specialist products. Based in Dagenham, the company is comprised of four divisions including retail and stores, distribution, brands and import and plumbing and heating.
The acquisition of APP’s majority shareholding is set to boost LGT Ltd’s distribution capabilities, with Mr. Pierce set to retain his status as chairman of APP on completion of the deal. With over 50 years’ experience in the industry, Allan brings a wealth of knowledge to LGT Ltd, as well as a clear understanding of the “family equity” model they favour.
The transaction was led by Adam Jones, along with Alex Forwood and Tom Utting (Corporate), Karl Pocock (Tax), Matt Grindley (Commercial Property) and Clare Barlow (Employment).
Allan Pierce, founder of APP, commented: “I am grateful to my excellent team, loyal customers and expert suppliers for their steady support as I embark on this new chapter. I am looking forward to working closely with LGT Ltd to see how we can maximise our distribution offering in this highly competitive economy.”
Allan continued: “I am hugely appreciative for all the hard work Birketts have put in to this deal. Their broad knowledge, logical approach, helpful attitude, and above all their responsiveness, were key to getting this transaction over the line.”
Adam Jones concluded: “Birketts were really pleased to support Allan on his deal. This is a significant transaction for one of the county’s largest and most successful companies, and a fantastic opportunity for both parties to broaden their market reach. Allan will retain a significant role as a shareholder and director of Lords Trading Group, and no doubt the plans to develop its market offering further will prove very successful.”
The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article please contact the author in the first instance. Law covered as at December 2019.