First acquisition for Tor since takeover
Jan 4 2008 by Graeme King, The Journal
PAINT and adhesives manufacturer Tor Coatings has made its first acquisition since being taken over by US industry giant RPM last year.
The Gateshead-based company has acquired the Bollom Fire Protection business for an undisclosed sum after its parent company Bollom Group, based in Kent, plunged into administration.
Bollom made decorative, fire-retardant coatings for structural steel, internal walls and ceilings.Now Tor plans to fire up its acquisition to contribute to its growth plans under RPM– helping to lead the expansion of the parent’s Rust-Oleum product in Europe, as well as complementing Tor’s existing range of products and clients.
Tor has bought the intellectual property, stock, plant and equipment from Bollom’s administrator Begbies Traynor.
Colin Carter, managing director of Tor, said: “We have been involved in the fire protection business for about 20 years and are very well known in that industry. We have tended to specialise in bigger projects, whereas Bollom have gone for the smaller jobs, selling through distributors, so, with this deal, not only are we acquiring some new technology but we are also securing a new route to market.”
Tor was advised in its acquisition of Bollom by law firm Muckle LLP. Managing partner Stephen McNicol, who led the deal, said: “This is a significant deal for Tor, allowing it to broaden the range of products it offers and the range of customers it supplies to.
“Tor is one of our longest standing clients and it is great to work with them to achieve yet another milestone in their growth.”
Tor Coatings, which employs about 200 people on its Birtley site, plans to retain the Bollom product brands.
These include fire retardant products for fabrics and other materials, including Christmas trees, and Tor has already seen a high seasonal demand for its new range.
Mr Carter said: “This is a remarkable first step in that we have only been part of the American operation for eight months and now we have made our first acquisition. Working closely with Muckle we completed the deal in one week and our US parent company showed confidence in their local management team and allowed us to get on with it.”
