Styles&Wood Group Combines with Central Square Holdings Limited to Begin New Growth Chapter
Styles&Wood Group plc, the integrated property services and project delivery specialist, announces that the Independent Directors have reached agreement with Central Square Holdings Limited (CSHL) on the terms of a recommended offer to acquire the business.
Combining forces with CSHL’s business opens a new chapter for the Group, bringing significant growth opportunities and establishing an enlarged group, with credible reach across the full spectrum of support services to the built environment. The transaction will also promote a fully integrated solution and a best-in-class service offer.
CSHL is a large, UK-based business with specialisms in the sourcing, manufacture and management of life-cycle solutions for furniture, fixtures and equipment, through its existing equity interest in Southerns Group.
Aligning with CSHL will help to reinforce Styles&Wood’s client base, establishing a strong and predictable source of accessible business opportunities. The expanded group will also have a wide range of major corporate and public sector customers.
Styles&Wood has continued to expand its service line capabilities with the acquisitions of Keysource Limited in 2016 and the GDM Group Limited earlier this year. Both companies have contributed meaningfully to the Group’s growth and are progressing well from an integration perspective. Today’s announcement further strengthens this expanded service offering through the potential creation of an enlarged group.
Under the terms of the offer, which is yet to be approved by Styles&Wood’s shareholders at a General Meeting, each Styles&Wood shareholder will be entitled to receive 465 pence per share, which equates to premium of 24% for each share prior to the offer being announced.
On successful completion of the offer, the executive team of the enlarged entity will include Tony Lenehan, Phil Lanigan and Paul Mitchell, who will become CEO, CFO and Chairman respectively of the enlarged Group.
Tony Lenehan, CEO of Styles&Wood, commented:
“In recent years, Styles&Wood has made significant progress with its diversification strategy, driving strong organic growth supplemented by value accretive acquisitions that have broadened the Group’s service line capabilities. We are confident that CSHL, with its commitment to the creation of a best in class offer within the property services market, is the right partner to take Styles&Wood to the next chapter of its growth story and we are excited about the future.”