Cooper & Turner acquired by Watermill Group

The Sheffield-based firm, which makes and distributes high-strength, large diameter fastener systems for can’t-fail fastening applications for end products like wind turbines, railway tracks and steel construction buildings, will see its staff and senior management remain in place.

Chief executive Tony Brown and Head of Group Production David Brown will remain in their current positions and retain a significant shareholding in the company.

Watermill said it pursued the deal given Cooper & Turner’s expanding market opportunities, global manufacturing and distribution footprint across the US, UK and China.

Cooper & Turner has a strong presence in wind energy in particular which is set to grow 5 per cent annually through 2020.

Mr Brown said: “We are thrilled to join Watermill for this next chapter in the history of Cooper & Turner.

“For nearly two centuries, this organization has evolved and thrived – innovating alongside cutting-edge customers and developing industry-leading service levels across established and emerging sectors. Watermill’s strategic guidance will be invaluable to us as we continue in this tradition of growth and progress.”

“Cooper & Turner’s reputation and track record is virtually unmatched,” said Julia Karol, president and chief operating officer at the Watermill Group.

“We are impressed with the company’s unwavering commitment to quality and safety, its high customer service levels, as well as its global manufacturing and distribution footprint.

“Combining Watermill’s strategy-driven approach with Cooper & Turner’s highly experienced management team, the company has an exciting opportunity to become the world’s first, truly global mission-critical-fastener supplier.”

Ronald M. Krisanda, Watermill advisor will serve as the Chairman of the Board of Advisors for the organization.

Mid Cap Financial Services, LLC provided debt for the transaction and Grant Thornton UK LLP provided corporate finance, debt advisory, tax and financial due diligence advice to Watermill. K&L Gates LLP provided Legal Counsel to Watermill. Mazars LLP advised Cooper & Turner and Mincoffs Solicitors provided legal counsel.

Founded in the 1800s by Joseph and James Turner as a gun barrel manufacturer, Cooper & Turner is now one of Europe’s leading manufacturers of bolts, nuts and washers for the Wind, Railway, Tunnelling, Oil & Gas and Structural bolting industries. Headquartered in Sheffield, Cooper & Turner has operations in the United Kingdom, China and the United States.

Richard Goldsack, corporate finance partner at Grant Thornton in Leeds, said: “Cooper & Turner is a leading and long-standing Yorkshire company with a global reach and one that with the strategic support of Watermill now has excellent opportunities for further growth. It’s been particularly pleasing to support this international transaction which demonstrates the attractive investment proposition offered by Yorkshire’s manufacturing sector.”