A long term hat-trick of deals was celebrated this month by two Black Country-based professional advisers when a management team bought into the same company for the third time in 22 years.
And it was the third such deal in which Higgs & Sons solicitors and accountants BSN jointly advised management teams at Filon Products Ltd in the long-standing association between the three organisations.
"I have been involved with Filon since 1994," said David Ellis, a partner in Higgs & Sons' Corporate department. "It was then that I first began working with Steve Richards at BSN and since that time our two organisations have jointly advised the directors on three management buy-outs. This latest reflects the steady growth that has taken place at the company over the past two decades."
Filon Products is a leader and innovator in glass re-inforced polyester (GRP) products for the building and construction industry. The core range of Filon's products include the popular tried and tested profiled GRP roof lights and roof sheets for industrial roofs. It also manufacturers specialist products for markets including oil and gas, chemical, marine and transport. One of Filon's most familiar products is its range of GRP flat plate MGRI which is used for traffic signs that can be seen across Britain's road network.
In 1994 Filon was part of multinational conglomerate which decided that the industrial roofing company was not part of its long term strategy and the shares were offered to its management team.
Ron Allen, one of the management team who was involved in the initial share acquisition, immediately recognised the benefits of using the two specialist organisations. He said: "We were impressed with the work from both firms and have continued to use them ever since."
The latest purchase took place in July following which Ron and one of his co-directors, Julie Cox, reduced their stakes and Ron stepped down from his position as MD to take up a role as non-executive chairman.
Steve Vickers, current managing director of Filon, is excited at the prospect of what lies ahead for the company following the buy-out: "While this deal signals a tremendous new chapter for Filon, we want to reassure our customers that we will continue to provide the same excellent levels of service and quality that have long been associated with the Filon name.
"This is an exciting deal and one which will allow further development of Filon."
BSN's Steve Richards commented: "It has been a pleasure working with Ron, Julie, Steve and the team throughout Filon's time as an independent company. This new deal signals a new era for Filon and we wish them well for their future growth while hoping we can continue to support them."
David Ellis concluded: "Our in depth knowledge of the company and its management team has made it easier for us to advise effectively on Filon's latest sale. Higgs & Sons' philosophy is based on building long term relationships with clients and other professional firms, and the success of this approach has once again been demonstrated in our work with BSN and Filon Products Ltd."
Higgs & Sons' award winning corporate team is recognised as one of the most progressive in the region. With a breadth of experience across many different types of business sales, acquisitions and merger & acquisition work, the department acts for national and international organisations, from banks, PLCs and large private companies to owner managed businesses.
For further details contact David Ellis on 01384 327121 or david.ellis@higgsandsons.co.uk
Pictured L-R: Steve Vickers, Ron Allen, DSE & David Ellis, Higgs &
Sons