GWA Group

Background

GWA was a diversified supplier of building fixtures and fittings to households and commercial premises with four distinct business divisions:  Bathrooms & Kitchens; Door & Access Systems; Heating & Cooling; and Commercial Furniture.

Process

Over a period of seven years, GWA engaged Greenstone Partners as financial adviser on the sale of five non-core businesses.  For each business, Greenstone Partners worked closely with GWA to develop the optimal sales strategy, however each process involved:

• A detailed buyer identification process designed to establish a universe of potential purchasers that met GWA’s sale objectives;
• A highly disciplined potential purchaser contact program, including extensive direct contact with internationally based parties;
• Preparation of tailored marketing materials to effect the sale process;
• A robust due diligence process designed to highlight key selling points, identify any key risks and mitigate these in an expedient manner;
• Identifying corporate “carve-out” issues and addressing these with comprehensive transition arrangements in order to give potential purchasers comfort in relation to a smooth transition of ownership; and
• Leading negotiations to maximise competitive tension in order to optimise the sale price and terms.

Result

Each of the processes was successful and resulted in the sales of:

• Door & Access Systems (including Gainsborough and API Locksmiths) to Allegion (USA);
• Gliderol Garage Doors to Reliance Doors (Australia);
• Brivis Climate Systems to Rinnai (Japan);
• Dux Hot Water to Noritz (Japan); and
• Sebel Furniture to KI Furniture (USA).

The successful divestments allowed GWA to focus on its core Bathrooms & Kitchens division and its “Superior Water Solutions Strategy”.