Globaltex Limited, the Lancashire based worldwide distributor of high quality interior fabrics and wallpapers, is to be acquired by Walker Greenbank plc, subject to shareholder approval, in a deal valuing the company at up to £42.5 million. Seneca Partners and Fieldfisher advised husband and wife shareholders Lee and Emma Clarke on the transaction.
The business, founded by Lee and Emma in 1999, has established the Clarke & Clarke brand as one of the leading names in the home furnishing market and is best known for the quality of its fabric and cutting edge design. From its Haslingden headquarters and design studio in Mobberley, the company distributes to interior design and retail customers in over 80 countries. In 2015, the fast growing business generated revenues of £22.4 million and EBITDA of £3.8 million.
Clarke & Clarke, which will continue to be led by Lee Clarke (CEO), has ambitious plans for the future as part of Walker Greenbank. The Clarke & Clarke brand and more recently established Studio G brand, complement Walker Greenbank’s other leading brands such as Zoffany, Sanderson, Morris & Co., Harlequin, Scion and Anthology.
Lee Clarke commented “Over recent years we have grown Clarke & Clarke into a successful, internationally recognised, design-led brand in the home furnishings market, something we are extremely proud of. With Walker Greenbank’s support and resources, I am excited about our plans for the future and the next stage of our journey. I would like to thank the teams at Seneca Partners and Fieldfisher for their excellent advice and management of the process throughout.”
Gordon Lane, Head of Corporate Finance at Seneca Partners commented “Lee and Emma have built a first class business; the Clarke & Clarke brand is highly regarded and complements Walker Greenbank’s existing portfolio. With the support of Walker Greenbank and a strong management team I am confident the business has a bright future”.
Matt Fleetwood, Head of Fieldfisher’s Manchester office, said “We were delighted to act for Lee and Emma. Clarke & Clarke is such a successful name in the home furnishings market and is leading the industry from its base in Lancashire. Representing them on such a significant transaction was a pleasure and is part of the corporate law advice we offer to business on matters such as mergers, joint ventures and public company takeovers”.
The vendors were advised by Gordon Lane, Andrew Stubbs and Paul Leyland at Seneca Partners (corporate finance); Matt Fleetwood and Rebecca Bennett at Fieldfisher (legal) and Patrick Morris at Fairhursts (tax). Vendor due diligence was provided by Richard Harding and Stuart Thwaites at EY (financial and tax) and Nick Ashcroft at Pragma Consulting (commercial).