S R Black Deal With Novora
Plumbing, heating and electrical specialist S R Black based in East Yorkshire, has received significant investment from Novora Building Services. The partnership will allow SR Black, which has been operating for over 37 years, to build on its success and further consolidate its position in East Yorkshire and North Lincolnshire, as well as expand its service offering into other surrounding areas.
Novora Building Services, based in Sheffield, is a supplier and installer of insulation, windows and doors, to the social housing and housebuilding sectors, with over 120 employees operating from 9 branch locations across the UK.
The deal will provide Novora with a commercial plumbing operation to complement and strengthen its existing building services offering.
Craig Leggett, Director of Novora said: “The strategic partnership between Novora and S R Black, holds great promise for the future of both companies. Our investment represents an exciting opportunity for us to broaden our combined offering in the contracting market. The synergies between the companies provide an excellent platform for growth both in terms of our range of services and geographical area.”
Stuart Black commented: “We are absolutely delighted to be starting this collaboration with Novora. There is an excellent fit between the companies and we look forward to working together in the years to come for the mutual benefit of both businesses”.
Advisers to the transaction were:
Chris Hird of Haines Watts originated the transaction and provided corporate finance advice to shareholders Stuart and Ann Black with David Richardson, Partner at Haines Watts Hull, providing accountancy and taxation support. Legal advice was provided by Nigel Beckwith of Gosschalks LLP.
Lester Wilson of DWF LLP provided legal advice to Novora Building Services, whilst Sophie Colloby of Dow Schofield Watts provided Financial Due Diligence and Russ Cahill of Tax Advisory Partnership advised on Tax Due Diligence.