BGF, a leading growth capital investor has backed the transaction which will allow both Woodland and JTC to capitalise on the benefit of the Group's newfound scale to continue to improve its product range and service levels to their respective customer bases.
Founded in 1987 by Brian McCloskey as a kitchen showroom operation in Ballymena, Woodland is today led by son, Connor, and is now one of the leading kitchen, bedroom and bathroom cabinet suppliers in NI. The company has a long-term track record of growth to over £25 million turnover, serving major trade customers across the UK and ROI and employing more than 170 staff in its state of the art facility in Rasharkin, County Antrim.
JTC is a Scottish manufacturer and supplier of fitted furniture, specialising in the sectors of social housing and student accommodations and has a workforce of over 250 individuals in the Dundee vicinity. JTC represents a highly complementary acquisition for Woodland, with the partnership creating one of the largest cabinet producers in the UK.
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The current senior management team of JTC will stay on board with the newly merged company and will persist in leading the execution of its ambitious expansion strategies. With a projected turnover exceeding £50 million, the combined entity is set for substantial growth. Additionally, Marcus Moir has been introduced to the company by BGF's Talent Network as the Non-Executive Chairman. Marcus brings a wealth of relevant industry expertise in the realm of home improvement.
BGF is one of the largest and most experienced growth capital investors in the UK and Ireland, backing entrepreneurs and innovators. It has completed a multi-million-pound investment in the new Woodland Group for a minority stake in the business, which will be used to fund the acquisition and support future growth.
Connor McCloskey, CEO at Woodland NI, said: "Woodland has enjoyed strong organic growth in recent years but we have kept one eye on strategic, additive acquisition opportunities. The partnership with JTC was a move that made perfect sense in terms of scale, common values, capabilities and level of ambition.
"JTC's strong presence and longstanding customer base in the social housing, healthcare and student housing sectors, combined with Woodland’s own strengths in the distribution and large retail space, will allow both businesses to share best practice and take a collaborative approach to further growth. We look forward to working with the team in Dundee."
Chris Nixon, Investor at BGF in Belfast, said: "Woodland and JTC are both established names in the kitchen furniture industry and by combining the team’s knowledge of the market and complementary customer base we believe there is high potential for growth. We are excited to join the Woodland team as a minority investor as they embark on this expansion."
Gordon Linton, managing director of JTC said: "We have been impressed with Connor, Brian and the wider team’s long-term vision for the business. We are convinced the strategic alliance with Woodland, with a proven, supportive backer such as BGF, will strengthen our own proposition and help develop our offering. For our team in Dundee, it will be very much business as usual, with a continued focus on providing great service to customers in the range of sectors where we are already a market leader."
