Newcastle-based building services provider Northern Bear has acquired an interior development business which has been operating for almost 70 years and counts the University of Manchester, Pizza Express and Virgin Active as clients.
H Peel & Sons (Holdings) Ltd and its subsidiary H Peel & Sons Ltd have been snapped up by the listed group. H Peel & Sons was established by Harry Peel in 1949 as a specialist joinery supplier to homes and businesses in his home town of Dewsbury. It has since grown and now undertakes jobs for high-profile clients.
The £2.9m takeover is Northern Bear's first in more than ten years.
H Peel generated turnover of £5.4m, reported profit before taxation of £400,000 and adjusted profit before taxation of £500,000 in the year ended 31 August 2016.
The management team at H Peel have been with the company for years and have committed to remain with the business for at least three years post completion of the acquisition.
The shareholders of H Peel & Sons (Holdings) Limited were advised by Rachel Dean and Kaira Clarehugh of Leeds law firm Clarion.
Steve Roberts, executive chairman of Northern Bear, said: "I am delighted to announce our first acquisition for almost ten years.
"We have looked at a number of acquisition opportunities in recent years and H Peel was the first one that met all of our criteria.
He added: "We have acquired a well-established, consistently profitable and cash generative business with a strong management team in place who are committed to remaining with the business.
"I would like to welcome all of H Peel's employees to our group and look forward to working with them."
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