J&D Pierce (Contracts) acquired by Swedish conglomerate
Storskogen, a Swedish group that acquires and operates well-managed and profitable small and medium-sized companies, has made its first acquisition in Scotland with the purchase of 80% of the shares in J&D Pierce (Contracts) Ltd.
The specialist in fabrication and site erection of structural steelwork reported revenue and EBITA of approximately £86.8 million and £12.9m respectively, for the financial year ending 31 July 2021.
Since its founding in 1975, the Glengarnock-based business has grown to have 425 employees. The company has a strong track record of delivering complex projects for end customers in a wide range of sectors. Growth has been underpinned by the expansion of e-commerce logistics, warehouses and publicly funded projects such as social and transport infrastructure. JDP has invested heavily in advanced robotics to automate its manufacturing facility with an aim to be the best in class.
The existing management team will continue to operate the business led by managing director, Derek Pierce, who is committed to stay in the long term and will continue as a significant shareholder in the company.
“Storskogen is a great cultural and business fit for JDP and we have shared ambitions for the future. I am really looking forward to the next phase of growth and continuing to build the business and relationships with the Storskogen team”, said Mr Pierce.
JDP will be part of Storskogen’s vertical Industrial Technology within business area Industry. Fredrik Bergegård, head of Business Area Industry, will be chairman of JDP.
He said: “We are happy to welcome JDP and their employees to Storskogen where we see a great fit within our portfolio. Furthermore, JDP is well positioned for the future as one of the most well invested and automated companies in the market. With Storskogen’s expertise in the industry, we see potential for great collaboration and knowledge sharing between our companies to achieve further growth together.”
Philip Lofgren, head of Storskogen UK, will join Fredrik Bergegård on the board of directors, and views the addition of JDP to the UK portfolio as another important milestone in the international expansion of Storskogen. JDP is Storskogen’s seventh acquisition in the United Kingdom since it launched in 2020.
“What JDP has built is truly impressive, and we are excited to partner with the company in the next phase of their journey. JDP has carved out a strong position in both the high growth warehouse market as well as a leader in public infrastructure projects. In addition, they have established a foothold in exciting new sectors such as renewables and datacentres”, says Philip Lofgren, head of Storskogen UK.
The acquisition was signed and completed on 14 June 2022.