RSM’s corporate finance team has advised on the sale of Corby based CWG Choices to Sweden’s Inwido, Europe’s largest supplier of windows and doors.
Inwido has acquired 100% of the shares in CWG Choices for £11.6 million on a cash- and debt-free basis.
CWG Choices is a manufacturer of double and triple glazed PVC-U and aluminium windows and doors. It predominantly serves the trade installer market in the Midlands and South of England.
Inwido, headquartered in Malmö and listed on the Stockholm Stock Exchange, has operations in Denmark, Finland, Norway, Sweden, Austria, Estonia, Ireland, Lithuania, Poland and the UK. The company has approximately 3,400 employees and generated sales of slightly more than SEK 5.2 billion in 2015 (around £455m at current exchange rates).
The team at RSM advising the vendors were Stephen Orriss and Shafwaan Bheda with legal advice provided by Gary Smith and Thomas Redman of Dentons LLP.
Jason Wilder, CWG Choices managing director, commented: “In Inwido, RSM Corporate Finance found the ideal buyer to drive the business forward. Inwido have taken the lead in the European windows and doors market and the acquisition of CWG Choices will further strengthen their position in the UK.”
Stephen Orriss, corporate finance partner at RSM in Milton Keynes said: “We were delighted to support CWG Choices throughout this process. This sale provides a good deal for all parties, it strengthens Inwido’s position in the UK market, and gives the company an exciting platform on which to pursue its future growth.”
Gary Smith of Dentons LLP commented: “Having acted for CWG Choices and its shareholders for the past 12 years, I am very pleased to have been able to help the management realise the efforts of their hard work over this period. This transaction is the right deal at the right time for management and the business generally and under the continued stewardship of the existing management and the new owner, Inwido, I am confident that CWG Choices will continue to go from strength to strength.”
