Merchant group Saint-Gobain has agreed to sell flooring, worktop and laminate distributor International Decorative Surfaces (IDS) to private equity investor Chiltern Capital.
IDS has been owned by Saint-Gobain for 23 years, during which time the distributor has doubled its turnover and reported revenues in excess of £120 million in 2021.
It supplies over 12,000 product lines, servicing kitchen, bathroom, flooring and construction sectors and has 11 regional branches, seven Makeover Centres and an online e-commerce platform.
IDS will continue to operate with the existing management team under managing director John Bagshaw, who has led the business since its formation from the merger of L Bloom and Meyer Laminates in 1999.
The management team will be supported by the introduction of Tony Buffin as chair, who has previously held roles on the Boards of Travis Perkins plc and Kingfisher plc and is currently the chair of HIG-backed Highbourne Group.
John Bagshaw commented: “IDS has proved itself over two decades to be a strong business with an ambition for growth and we will be building on the support and infrastructure that being part of Saint Gobain has given us over twenty years.
“With my experienced management team, we look forward to a bright and dynamic future where we will take the business to the next level.
“It’s very much business as usual and we look forward to continuing our partnerships with our trusted customer and supplier base.
“With Chiltern and Tony’s support, we will build on our leading market position, as well as expanding our product offering, to drive faster growth.”
Joe Bennett of Chiltern Capital added: “We are delighted to partner with John and his management team.
“With our investment and strategic support, IDS is well positioned to accelerate the development of its product portfolio and enhance its operational footprint to better serve its trusted customers and suppliers”
In addition, Saint-Gobain will also divest two UK glass processing facilities which specialise in the manufacture of double-glazed units.
The two glass plants in Motherwell, Scotland, and Canterbury will be sold to Clayton Glass.
It follows on from the company divesting UK ceramic tile distributor CTD Tiles and exiting the plumbing and heating sector with the sale of Bassets, DHS, Neville Lumb and Ideal Bathrooms to Wolseley.
Chief executive of Saint-Gobain UK & Ireland Mike Chaldecott commented: “These sales are part of our continued business profile optimisation strategy, consistent with the “Grow & Impact” plan objectives.
“Re-shaping the Group’s portfolio of businesses will enable the business to be more focused towards our vision, to be the leader in light and sustainable construction, and help us Make the World a Better Home.”
Completion of IDS and its glass plants is expected by the end of the second quarter of 2022.