Forestry and sawmilling group BSW Timber has been sold to a global group by private equity Endless.
The company was founded in 1848, with its head office in Earlston, Berwickshire. It forms part of the BSW Group, which has six main operating divisions across sites in Newbridge-on-Wye, Southampton, Carlisle, Dalbeattie, Petersmuir, Fort William and Boat of Garten.
Binderholz – a global sawmiller and producer of cross laminated timber, solid wood panels, pressed pallet blocks, wood pellets and briquettes – is behind the takeover.
Under the leadership of chief executive Tony Hackney, BSW will integrate with Binderholz.
"Our management teams across the business units remain and the whole team will be supported by the Binder family and senior management," he said. "The long-established name of BSW will remain and business will be as normal, with much greater opportunity to supply a wider basket of products.
"We will be enhancing our capabilities to further expand our capacity and grow further in supply to all sectors.
"We are all excited and thoroughly committed to support the business through a transitionary period under new ownership and have demonstrated our ability to do this."
Aidan Robson, founding partner of Endless, added: "We are proud of what we have achieved at BSW in such a short period and have enjoyed working with the BSW team.
"We are delighted to be selling the business to such a good home in Binderholz who have such a strong track record of growth and a market leading reputation. We feel this acquisition is hugely positive for the BSW employees, its customers and the whole supply chain."
Hackney concluded: "This represents another major milestone in the growth of BSW and we are looking forward to drawing on the expertise and knowledge of the Binderholz team.
"I would also like to thank the Endless LLP team for their huge support over the last years."
Endless LLP and BSW were advised by MCF (corporate finance), Walker Morris (legal), PWC (financial and tax), Deloitte (pensions), Willis Towers Watson (insurance) and Propaganda (brand).
Binderholz was advised by Alvarez and Marsal (financial, tax and pensions), Flick Gocke Schaumberg (legal) and MacFarlanes.