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Garage door deal opens window of opportunity
Two firms have acted on the sale of troubled garage door business Gliderol to Reliance Doors.
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Firms: Kain C+C (Reliance Doors); Clayton Utz (GWA Group)
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Deal: Reliance Doors acquired Gliderol International from GWA Group Limited
Value: $7 million
Area: M&A
Key players: Kain C+C corporate lawyer Gerry Cawson (pictured) and his team represented their client. Partner Andrew Hay from Clayton Utz lead negotiations for GWA.
Deal significance:
The Gliderol garage door business was sold to GWA Group in 2010. Prior to this sale, current Reliance Doors shareholders Nick Storen and Mark Dooley were employed by Gliderol.
“Acquiring Gliderol is part of our ambitious expansion strategy for Reliance Doors and when the opportunity to purchase came up we needed to be proactive. We are very pleased with this result and it’s great to be involved in Gliderol again,” Mr Storen said.
Mr Cawson from Kain C+C said the company jumped on the chance to make the acquisition.
“Our client saw an opportunity to acquire the troubled business but it required a quick and coordinated response to ensure the best possible outcome,” Mr Cawson said.
GWA Group reported an interim loss of $12.8 million in February, largely attributed to losses in its Gliderol business, according to a report in the Sydney Morning Herald.
