A boat building and maintenance firm based in North Wales has purchased a neighbouring marine electronics specialist in a deal that will support the growth of both businesses.
Firmhelm Ltd, which was established in the 1970s, provides an array of services including boat building and refurbishment, maintenance and repairs, hoist and crane hire, mast and rigging, and boat storage from premises at Pwllheli Marine Centre, based at Pwllheli harbour on the Llyn Peninsula.
The company has acquired Rowlands Marine Electronics Ltd, a long-established business that specialises in sales, installation and servicing of marine navigation systems and other marine electrical equipment, working with leading brands like Raymarine, Furuno, ICOM, Garmin, B&G and Simrad. Founded in 1982, the company is based within the same building at Pwllheli Marine Centre and also has a strong online sales presence.
As well as building on the synergies that exist between both firms, the acquisition has also given Firmhelm greater certainty over its future by increasing its shareholding in subsidiary company Pwllheli Marine Centre Limited, which owns the building occupied by all of the shareholders.
The deal sees Rowlands’ long-term owner Ian Loffhagen retire from the business, with both companies now being owned and managed by Firmhelm shareholders Simon and Jane Butterworth.
The corporate finance team at accountancy and advisory firm MHA advised Firmhelm on the acquisition of Rowlands Marine Electronics. The deal team at MHA was led by corporate finance manager Sam Singleton, with support from tax director Michelle Taylor.
Corporate Finance
Read more about Corporate FinanceRead moreRowlands is a business we’ve worked closely with for many years, helping to service the requirements of the region’s boat owners, sailors and fishing businesses."
“For us, this acquisition made perfect sense, particularly as it helps us gain greater ownership in respect of the building here at the Marine Centre and what we might want to do with it in future to support of our business growth plans.”
This is great news for our customers because it ensures the Rowlands business continues from the same location under the stewardship of a great local team. I’m thankful to all our customers who have supported us over the years and wish Simon and Jane the best of luck for the future.”
"This strategic move not only enables Simon and Jane to integrate a successful complementary business, it has also enabled them to indirectly increase their shareholding in Pwllheli Marine Centre Limited, giving Simon and Jane greater security concerning the long-term location of their operational premises. We’re pleased to have supported Simon and Jane to make this deal happen and wish them well for the future."
Firmhelm was advised on the legal aspects of the deal by Brabners, with the team led by Lauren Swanick and Rupert Gill. Freddie Storrar at Storrar Cowdry provided legal advice to the seller.
