Friday, March 29, 2024

Rema Tip Top UK acquires Abracs

Yorkshire-based Rema Tip Top UK has acquired Abracs Ltd, a leading brand in the abrasive and power tool accessories market.

Established in 1963, Rema Tip Top UK is part of the Rema Tip Top international group, a global group of more than 180 operating companies with headquarters in Germany. Rema Tip Top UK operates from its head office in Leeds and across various other locations in the UK.

The UK group, which employs around 360 people, has two divisions: Automotive, distributing automotive and workshop consumables; and Industrial, specialising in material handling and surface and wear protection.

Abracs is a York-based company specialising in the manufacture and distribution of branded abrasive, cutting and drilling products. Abracs supplies to domestic and international markets via industrial and construction resale channels.

The company was founded in 1989, and current Group Managing Director Rob Jeffery has been with the company since 1999. In 2013 he undertook a management buyout supported by investors.

Abracs will become part of Rema’s Automotive division and will bring new products to the group’s existing customers as well as opening up new markets for existing group companies and products. Rob Jeffery will remain in his current role and will drive the ongoing development and growth of the company and wider group which includes Saber Impact Diamond Ltd and Swedex UK Ltd.

RSM UK advised Rema. The deal team was led by corporate finance partner Steve Hubbard, with support from corporate finance manager Rich Winter, RSM’s due diligence team (Phil Parkes, Mark Leyland and Gavin Starkey) and tax team (Sanjay Pugal and Owen Wheeler). This acquisition represents the sixth deal where RSM has advised Rema.

Mills & Reeve provided legal advice to Rema Tip Top, led by partner Paul Johnson with support from Sofie de Pfeiffer and Sophia Bell. Adrian Ballam and Daniele Borley of Ward Hadaway provided legal advice to Abracs.

Steve Hubbard, corporate finance partner at RSM, said: “The team at RSM was delighted to advise Rema on another successful transaction as the business continues to grow. The group remains acquisitive and open to other opportunities that fit with both the Automotive and Industrial divisions. Our ongoing relationship with Rema reflects our commitment and capability to deliver outstanding results for our clients in the middle market.”

Mark Insley, Group CEO at Rema Tip Top, said: “We are thrilled to see Abracs join our group and look forward to the opportunities and benefits this will bring to both companies. The acquisition of the Abracs group of companies further strengthens our position within the UK market as we continue to deliver excellent service and support to our existing markets and customers, as well as explore new opportunities and markets working with the Abracs team. It’s a great way for us to start 2023, and I look forward to working with Rob and the wider team in the coming months.”

Rob Jeffery, Group Managing Director at Abracs, said: “I’m very excited to begin the next chapter in Abracs’ history as part of the Rema Group. Abracs and its subsidiaries have enjoyed significant growth levels and success over the last few years and I’m looking forward to continuing this with Rema. There are some very clear product and market synergies between the group companies which I’m sure will be a benefit to existing and new Abracs Group customers.”

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