Dungannon-based gardening products manufacturer Westland Horticulture has acquired the assets of English company William Sinclair in a multi-million pound deal backed by Danske Bank.
William Sinclair, which is based in Lincoln, owns a number of successful garden fertilizer and chemical brands including J. Arthur Bower’s, New Horizon, Growing Success and Deadfast.
As part of the transaction Westland will acquire the assets and brands previously owned by William Sinclair, and the company has now delisted from the AIM market on the London Stock Exchange.
The investment includes acquisition of trading premises and a state of the art manufacturing facility in Ellesmere Port.
With turnover of £106 million in its most recent financial year, Westland is one of the leading horticultural companies in the UK, having grown organically and through strategic acquisitions.
Last month it announced plans to create 70 new jobs as part of a £9.6m investment in a new fertiliser plant in Co Tyrone.
Westland Horticulture’s joint managing director Edward Conroy said the acquisition of the assets of William Sinclair Holdings would further expand its footprint in the UK market and complement its existing business.
He said: “This will bring much needed stability to William Sinclair’s business and brands. We have always believed that Sinclair’s is an important part of our industry’s landscape, and we are fully committed to maintaining this for the long term.
“Sinclair’s is fundamentally a good business with strong consumer brands which can now only thrive from being part of the Westland family.”
Westland’s latest acquisition was supported by a multi-million pound loan facility from Danske Bank, which in 2012 backed its £18m acquisition of Cranswick Pet Foods.
Aaron Ennis, senior corporate acquisition manager at Danske Bank, said: "Westland is a prime example of the trading businesses we are keen to support in their growth journey. It has a strong track record of making successful acquisitions and we were ready to provide support when it was presented with this opportunity to further strengthen its growing business in Great Britain.
“This is one of the most significant acquisitions so far this year by a Northern Ireland company, but with confidence returning to the economy I would expect the number of merger and acquisition transactions to accelerate between now and the end of 2015.”
