The shareholders in GT Timber Limited were advised on the transaction by Yorkshire law firm Lupton Fawcett, led by corporate partner Dan McCormack.
James Jones is the UK’s largest privately owned sawmill, timber engineering and pallet manufacturing company. The family-owned, Stirlingshire-based firm makes carcassing, fencing, pallet wood, heavy-sections and engineered timber products.
The combined James Jones & Sons group now employs over 1,200 people and operates eight sawlines which supply the most technologically advanced secondary timber processing facilities in the UK.
Tom Bruce-Jones, Chairman of James Jones & Sons, said: “We are delighted to have concluded this transaction and are really pleased that the existing management team are staying on within the enlarged group to provide continuity, facilitate the integration and to help realise our long term strategic plans.
“The sawn output from both mills will complement our portfolio and will allow us to offer increased product opportunities for our existing, and newly expanded, customer base.”
Jilly Wentworth, Managing Director of GT Timber, said: “On behalf of our shareholders and employees, I am very pleased that GT Timber will become part of the James Jones Group.
“Their extensive timber industry experience and financial strength will allow the investment programme that we have already started to reach a successful conclusion. The sale process was completed quickly and smoothly, reinforcing our long-held view that James Jones & Sons is a family company, which shares our values, ethos and philosophy. We are very excited about the future.
“The shareholders would also like to thank the fantastic teams at Lupton Fawcett for their first class support and guidance, which was a key factor in helping us to complete the deal on time.”
Dan McCormack, corporate partner, Lupton Fawcett, said: “It was a pleasure working for Jilly, Suzie and the other shareholders on the transaction. The fact that the existing management team is remaining in the business should help the GT Timber group go from strength to strength under the ownership of James Jones & Sons.”
Corporate finance and accounting advice was provided to the selling shareholders by RMT Accountants and Business Advisors.
Michael Cantwell, head of corporate finance at RMT Accountants, says: “GT Timber is a fantastic example of everything that a successful, well-run family business should be, and we’re extremely pleased to have been able to help the shareholders realise their objectives from this deal.”
Legal advice was provided to James Jones & Sons by Brodies.