The Premier Forest Group ROI is continuing its expansion drive with the purchase of the former Brooks Thomas facility in Dublin, in a move to prove its confidence in the long-term industry prospects in the Republic of Ireland.
The five-acre site on Old Naas Road comprises 103,000 square foot of undercover warehousing and office accommodation, and will serve as a cultural head office for Premier’s Irish interests.
Terry Edgell, director and shareholder of the Premier Forest Group, said: “This is another strategic acquisition for us, following on from recent success with Dublin Plywood and Veneers (DPV).
“The deal demonstrates our further commitment to the highly successful Brooks Timber and Building supplies brand, and the Premier Forest Group’s future in the Republic of Ireland.”
Brooks Timber and Building Supplies had utilised the site since May 2012 under a two year licence, but Premier Forest was quick to respond when the facility was put on the market in September.
Premier Forest Group acquired the former Brooks Thomas facility for €3.4m, with financial support from HSBC’s Wales Corporate Banking team.
HSBC Senior corporate banking manager Mike Kear, who led the deal, said: “The support we provided to Premier Forest is an illustration of the confidence that we have in their management teams. “This purchase marks another strategically important acquisition for Premier Forest, and we are pleased to have been able to support the company.”
Mark Lohan, managing director of Brooks Timber and Building Supplies, commentes: “This is a hugely important moment in the progression of our plans for Brooks. Over the past 18 months, with Premier Forest’s support, we have managed to rebuild an iconic, centuries old timber company after a period of immense difficulty.
“The acquisition of such a strategic distribution site means we can use its sheer scale as a feeder centre for our network of business units across the Republic of Ireland.”
This purchase comes just days after the Premier Forest Group acquired the entire share capital of Uxbridge-based Ron Lewis Holdings Ltd and historic trading companies Y Goldberg & Sons and the Clarks Wood Company.
The combination of Brooks and DPV in Ireland, together with Premier Forest’s UK-wide wholesale importation of timber and sheet materials, gives the group significant procurement advantage where there is product commonality.
Terry Edgell comments: “This is an extremely competitive market; price advantage on commodities is crucial. I am confident our emerging integrated group will make that a reality, and enhance our opportunities for organic as well as acquisitive growth.”
Premier’s continued expansion through acquisition during its 20th year in business demonstrates quiet optimism for the recovering prospects in the timber industry, and represents the Premier Forest Group’s continuing appetite for expansion into related markets.