The high-profile acquisition of Balcas from its parent company, SHV Energy (LPG) Holding BV recently completed following approval from the Competition & Consumer Protection Commission (CCPC) in Ireland and the Competitions & Markets Authority (CMA) in the UK.
DWF's corporate partners Alasdair Peacock (Edinburgh) and James Morrison (Belfast) led a multi-jurisdiction team from the firms Belfast, Dublin, Edinburgh and London offices including Dimitris Sinaniotis (competition clearances), Siobhan Cameron and Ben Palmer (corporate), Alan Glen and Mikela Rochford (banking), Orla Kerr (Commercial) and Robin Watt and Julie Galbraith (real estate).
With a turnover of £108 million and employing 370 people, the acquisition of Balcas will see its two divisions (Balcas Timber and Balcas Energy) join the Glennon Brothers’ established businesses across Ireland and Scotland, adding value to its core sawn softwood offering and increasing its future production capacity.
The addition of Balcas’s two Combined Heat & Power (CHP) plants to Glennon Brother’s existing CHP facility in Troon will also extend its green credentials and reinforce the company’s commitment to sustainability.
Commenting on the transaction and the cross-jurisdictional nature of the deal, Alasdair Peacock said: “We were delighted to again support our longstanding client Glennon Brothers in another milestone acquisition for Mike and Pat. It is great to see Glennon continuing to go from strength to strength and we were happy to provide integrated support from our offices in all four jurisdictions across Ireland and the UK"
James Morrison, DWF Partner, Belfast added "The acquisition of the Balcas sawmill at Enniskillen is a very significant extension of the Glennon Brothers story into Northern Ireland. Our Belfast team was delighted to support the deal and the resulting synergies will create a highly effective force within the Irish and UK timber processing industry.”
Mike Glennon, Joint MD of Glennon Brothers added: "The advice, counsel and professional support provided by the entire team at DWF has been pivotal throughout the acquisition process. Support across all their offices was seamless and we can now welcome Balcas to our team and look forward to the many new and innovative opportunities this combined business will offer to our customers across Ireland and the UK.”