Crowe corporate finance team advises Belgian purchaser of Lancashire wallcoverings business

Date: 17/08/2020
Author: Crowe
Company: Crowe

The corporate finance team at national audit, tax, advisory and risk firm Crowe has advised Grandeco Wallfashion Group Belgium (Grandeco) on the acquisition of a Lancashire family-owned business.

Grandeco has bought Holden Decor Ltd, one of the UK’s leading wallcovering companies, for an undisclosed sum.

Holden Decor, founded in 1991, designs and creates fine wallpapers at its base in Darwen, Lancashire.

The UK company will continue to operate independently, and its acquisition is part of Grandeco’s global expansion strategy and intention to become a pan-European market leader.

Derek Holden, who started the business in 1991, will remain as managing director at the head of the existing management team.

He said: “The fit with Grandeco is ideal as we complement each other perfectly by providing very distinctive products for the consumer and different approaches to the market.”

Crowe’s corporate finance team provided financial and tax due diligence, as well as ad hoc deal structuring advice.

The corporate finance team consisted of Midlands corporate finance partner Andy Kay with Chasz Coulsting, Jason Daft and Liam Hadfield.

Paul Cox, Hayley Hill and Navin Sharma supported the transaction from the tax advisory aspect.

Grandeco’s chief financial officer Herman Van der Plaetsen said: “I would really like to thank the whole team at Crowe for the very professional support and work done. It was a great pleasure to work together with all of you.”

Andy Kay said: “We were delighted to help Grandeco with the acquisition of Holden Decor. It is another concrete step towards Grandeco’s newly set out vision to strengthen its market share.”

Legal advice to Grandeco was provided by law firm Paris Smith in Southampton under the leadership of Partner Michael Moore.