In a move that is bound to create a stir throughout the UK timber sector, timber importer and distributor Timbmet Group has acquired panel products specialist S Silverman & Son for an undisclosed sum.
Timbmet has annual sales of around £80m, £5m of which is in panel products. Silverman’s turnover is around £25m.
Simon Fineman, Timbmet chief executive, said the acquisition made strategic sense for his business.
‘We’ve long recognised the need to add an extra dimension and expanding in panel products was the obvious choice. We’ve been successfully growing this organically, but Silverman brings a completely different scale to the operation and adds extra resources and expertise.’
He said the Silverman name will be retained, the business will remain the same size with the same workforce and Mark Silverman will stay as managing director.
Mr Silverman said: ‘Frankly, we had no plans to sell, but the more we discussed the potential [of acquisition by Timbmet] the more it made sense, given the different resources and shared vision. I’m pleased to be leading Silverman’s into a new era of opportunity as part of Timbmet and look forward to accelerating our expansion plans.’
