Completed sale
Andwis Acquires Etron UK Manufacturing & Engineering Company
Knightsbridge negotiated the sale of Etron, in a multi-million pound deal in the manufacturing industry. “Top team, job well done.” Our client, Etron UK, is a highly-regarded supplier of automatic entrances, gates and bollards. Based in Bolton, the business was incorporated by Andy and Lisa Warham in 2008. The husband-and-wife team served as the Managing Director and Director respectively. Etron comprehensively offers the design, manufacture, supply, and installation of automatic doors, gates, barriers and bollards. Its highly skilled and experienced workforce provides a 24-hour repair and maintenance service, with optional contractual agreements. Following many years of hard work, dedicating themselves to the company’s growth, the Warhams offered Etron for sale to facilitate their retirement plans. Knightsbridge Operations Director Sara Thomasson stepped in to create a marketing strategy and conduct research to source a range of potential buyers. The successful buyer was found by our excellent research team, with Associate Director Megan Steele leading this search. Andy expressed his “thanks to Sara and her team who pushed through a difficult acquisition” in a five-star review. “Knightsbridge did a first class job, they kept us informed from start to finish and also offered some key advice,” explained Andy. “Top team, job well done.” Company performance had excelled in recent years, with Etron enjoying a significant increase in turnover, gross profit, adjusted EBITDA and shareholder funds as a result. Latest turnover is in excess of £1.6m and its EBITDA of circa £275,000. Etron moved to its current premises in 2019 and welcomed two new management employees in 2020. In the same year, the company introduced new products, including automatic gates and barriers, which significantly increased its turnover. Etron’s customers operate across a wide range of industries including education, healthcare, sports, leisure, retail and hospitality, and the company receives reliable recurring income from its maintenance services. Having built a reputation for exceptional customer service, Etron offers a strong platform from which a new owner can facilitate further development. It has experienced primarily organic growth through word-of-mouth referrals, but also operates an informative website through which customers can make enquiries and view the company’s products. With a high rate of return custom, the company’s pay-per-month, 24-hour repair and maintenance services provide reliable recurring income. Etron currently has 75 active customers and has provided doors for several blue-chip customers, such as Center Parcs. In addition, the company has served several prestigious education facilities, including Loughborough University and Bury College. By providing an exceptional service, Etron has ensured the longevity of its relationships with customers, some of which span over 10 years. “We marketed carefully to meet our clients’ expectations of 4-8 times multiple of adjusted EBITDA of £254K. We introduced 32 interested parties and arranged 10 meetings,” explained Sara Thomasson. “We received offers from two interested parties and by creating competition, the price was increased by £700K from the initial highest bid.” The ultimately successful bid was submitted by Andwis, a network of leading technical building services companies based in the heart of city centre London, on Britannia Street. Sara concluded: “Andy and Anthony were lovely to work with. We all had a great relationship and ensured the clients were kept up to date on a complex deal. Both the buyer and vendor had a great relationship which helped the deal progress well.” From everyone at Knightsbridge, we wish the Warhams the best of retirements, and the best of luck to Andwis for the future.