Tyman to buy US-based Lawrence for up to $69.5m
Tyman
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Tyman said on Wednesday that it has agreed to buy US-based Lawrence, a designer, manufacturer and retailer of high-performance composite hardware for sliding and hung windows, for up to $69.5m.
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Tyman said the deal will be immediately earnings enhancing.
Founded in 2005 by Barry and Melissa Lawrence, the business has more than 50 employees and operates from a single location in Thomasville, North Carolina. Brandon Lawrence, currently president of Lawrence, will remain with the company to continue to drive the business forward, and Lawrence will continue to go to market under the Lawrence Industries brand name.
For the financial year ended 31 December 2022, Lawrence reported unaudited revenue of around $20m and pre-tax profit of $7.5m.
Tyman interim chief executive Jason Ashton said: "I am delighted to welcome our new Lawrence colleagues to Tyman. Lawrence is an excellent fit with AmesburyTruth's extensive product portfolio, providing strong product and service platforms to the attractive North American window market.
"We are confident that the strategic partnership between AmesburyTruth and Lawrence will provide an even stronger value proposition for our customers, whilst providing a platform for Lawrence to accelerate its growth journey as part of a larger group."