Stirling Lloyd PLC acquired by global chemicals business

Acquisition Of Stirling Lloyd

US-based GCP Applied Technologies Inc., a leading global provider of specialist construction chemicals and building materials, has announced it has signed a definitive agreement to acquire Knutsford-headquartered Stirling Lloyd PLC.

The shareholders and management team at Stirling Lloyd were advised by the Corporate Finance & Tax teams of Manchester-based accountancy and advisory firm, CLB Coopers and corporate law firm, Turner Parkinson.

Stirling Lloyd was established over 40 years ago and recently opened new state-of-the-art technical and production facilities, supplying its specialist range of high-performance liquid waterproofing and coatings to over 60 countries. The company is best known for its ELIMINATOR®, INTEGRITANK®, and DECSEAL® brands and its waterproofing membranes and coating products are used in the global construction sector for the protection of infrastructure and buildings.

Stirling Lloyd’s brand, products and distribution network will bring additional selling channels to GCP, which is based in Cambridge, Massachusetts and allow it to target specialised end-market applications, such as bridge, tunnel and car park protection as well as highway repair and reinstatement.

Gregory E. Poling, President and CEO of GCP, said, “This acquisition expands our technology platform for infrastructure and repair & renovation, which are market segments that are growing at attractive rates.

Stirling Lloyd brings us complementary waterproofing systems; our global footprint will enable us to further increase penetration of these specialty products. This acquisition represents a great opportunity for us; the Stirling Lloyd team has many years of experience developing and selling products that fit well with GCP’s liquid waterproofing and building envelope products. The combination of our cross-selling efforts will create many new opportunities to leverage GCP’s relationships with architects, specifiers, engineers, and contractors to accelerate adoption of each other’s products.”

The transaction is expected to close by the end of June 2017, and is subject to local regulatory approvals.

Turner Parkinson advised the selling shareholders on the legal aspects of the transaction. David Easdown, James Sheridan and David Hayes led the TP team (Solicitor Ryan Tweedale and Paralegals Matthew Hitchen and Jonathan Garner) alongside specialist colleagues. The deal is the third inside 12 months where TP has advised on the sale of a North West-based chemical manufacturing business to a US corporate.

David Easdown said, “Alongside our colleagues at CLB Coopers, we worked to deliver the deal for the exiting shareholders in an accelerated process driven by considerable market demand for the company.

The devaluation in the pound over the last 12 months continues to provide opportunities for overseas corporates to acquire top quality UK assets at a significant discount in real terms. Stirling Lloyd is another North West success story and we are delighted to have helped deliver this deal for the shareholders”

Speaking of the transaction, David Lloyd, Managing Director of Stirling Lloyd, said “David Travis and his team at CLB Coopers are delighted with the result. The legal team from TP, headed by James Sheridan and David Easdown, worked closely with the team to ensure the deal was delivered in an extremely short timescale."

The CLB Coopers team was led by David Travis and supported by Simon Carruthers and Luke Brown from the firm’s Corporate Finance team alongside Rob Wardle & Sophie Huddleston from its Corporate Tax team.

Speaking of the deal, David commented, “This was an excellent transaction for both parties and one which brings great opportunities for GCP and the Stirling Lloyd Group going forward, both in the UK and across the world. We are delighted to deliver another successful outcome for one of our valued clients”.