Garbutt + Elliott assist in sale of a multi-million pound deal
The corporate finance team of Yorkshire accountancy firm Garbutt + Elliott has successfully guided the former owners of AJS Labels through the sale of the business to Multi Packaging Solutions (MPS), a US company, in a multi-million pound deal.
AJS Labels is a specialist manufacturer and supplier of self-adhesive labels for a variety of markets including confectionery, health & beauty and personal care products, and currently employs around 80 people. MPS is a global leader in value-added print and packaging solutions for the healthcare, branded consumer, and multi-media markets, and is listed on the New York Stock Exchange.
Garbutt + Elliott’s corporate finance partner, Richard Feltham, advised AJS’s owners, Andrew and Jayne Scrimgeour, throughout the acquisition process. The deal will allow AJS to continue to operate across both of its UK sites in Featherstone, West Yorkshire, and Littlehampton in Sussex.
Andrew Scrimgeour said: “We have been involved with the business for over seven years now and are very proud of what it has achieved. Over that period, the business has grown significantly. We have built a strong reputation for innovation and service, and this deal will allow the business to further grow and develop as part a global company.
“Richard’s calm and professional advice throughout this process was invaluable during what for us was a very emotional process. Garbutt + Elliott’s expertise in this field and the personal service Richard offered meant we felt we were working with a trusted partner, and we were very happy with the outcome of the deal.”
AJS Labels currently supplies self-adhesive labels to a range of well-known brands including Dulux, The Body Shop, Nestlé, Asda, Tesco, Waitrose, Nature’s Way Foods and Twentieth Century Fox.
Garbutt + Elliott’s Richard Feltham said: “Andrew and Jayne have grown AJS Labels into a very successful multi award winning company and I am pleased to have assisted them in taking the business to the next level. This deal involved selecting a strategic purchaser and lengthy negotiations with various potential overseas buyers to get the optimal price and structure for the owners. The deal was several months in the making and spanned Brexit, proving that there is still a great deal of interest from overseas investors looking to acquire thriving UK companies.”
Garbutt + Elliott was established over 150 years ago. Today, the firm employs 120 people, including eight partners.
Marc Shore, chief executive of MPS, added: “The acquisition of AJS is consistent with our strategy to develop a more substantial position in its core end-markets. It will help us grow the business organically and be part of our expanding global capability in premium labels.”
Garbutt + Elliott is an independent firm of chartered accountants, auditors and advisors and offers tailored services for individuals and businesses. Garbutt + Elliott has a reputation built on providing excellent client service and an in-depth understanding of the needs of entrepreneurial business owners.
For further information on Garbutt + Elliott visit www.garbutt-elliott.co.uk