Steelwork specialist Shufflebottom has been sold to a startup steel construction acquisition vehicle.
The firm has been acquired by Embrace Steel Group, a company incorporated in 2020, whose website says it is committed to “assembling a team of industry experts in steel frame building design and manufacturing through strategic acquisitions”.
Embrace aims to attain a prominent position in the UK steelwork industry, it adds.
Carmarthenshire-based Shufflebottom was founded in 1977 and turned over £25.6m in the year ending 30 September 2022. Pre-tax profit stood at £843,462.
Its revenue was £22.1m the previous year, generating a pre-tax profit of £729,327.
According to Embrace’s website, the group’s only other active company is North Yorkshire-headquartered Hambleton Steel, which it acquired in 2022.
Accounts for the year ending 31 December 2022 show Embrace Steel Group turned over £7.6m.
The value of the Shufflebottom acquisition has not been disclosed.
Shufflebottom has been family-owned since its incorporation and provides steel-framed buildings to the industrial, commercial, agricultural and equestrian sectors, as well as structural steelwork for other construction projects.
Frank Holmes, a partner at Gambit Corporate Finance, which acted as lead advisor to Shufflebottom’s owners on the deal, said the current shareholders would continue in their roles following the sale.
He added: “Shufflebottom is an excellent business, steeped in heritage and is a true market leader in its field.
“The shareholders have done an outstanding job developing the business under their ownership while remaining faithful to the ‘family values’ enshrined in its roots.
“This is a great example of a succession strategy that enables the shareholders to continue in their roles, preserving the legacy and cultural values embedded in Shufflebottom’s success.”
Shufflebottom was a finalist in the category of Contractor of the Year (turnover upto £25m) at the 2020 Construction News Specialists Awards and a finalist in the Steelwork Specialist category at the 2014 CN Specialists Awards.
