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.
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.
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”.