19/07/2024
We're delighted to have helped US-based Quanex Building Systems with its US$976m (£788m) cross-border acquisition of doors and windows supplier Tyman, based in the UK.
NYSE-listed Quanex is a global manufacturer with core capabilities and broad applications across various end markets, while Tyman is a leading international supplier of engineered fenestration components and access solutions to the construction industry.
The cash and shares acquisition of Tyman comes at a time when housebuilders in the US have been forced to cut prices due to higher mortgage costs, creating problems for first time buyers.
Nicky Hartery, non-executive chair of Tyman, said: 'This transformative and complementary transaction will strengthen the enlarged business for the benefit of all our customers, employees and other stakeholders.
'In the context of a rapidly evolving North American marketplace, our board ultimately determined that this transaction is the best path to maximising value for Tyman shareholders, who will be able to realise a meaningful portion of their holding in cash at a significant premium to the prevailing share price while also participating in the future upside of the enlarged group.'
If you'd like to find out how we can help ensure the success of your most prestigious M&A transactions, chat with us today: hello@blackandcallow.com
