Chris Worthy, Managing Director of Mon Timber said: “Joining Premier Forest Products marks the beginning of a new period in our 48-year history. There is great synergy between our businesses, not only culturally, but also through our complementary product portfolio, service offering and customer-base.
Josh Worthy added: “I am positive that Premier will be excellent custodians of the Mon Timber brand and I am thrilled to continue with my role at Mon Timber guided by Premier’s leadership team. The opportunities that come with being part of a larger group support our ambitious growth plans for the future.”
Terry Edgell, Co-Founder and CEO, Premier Forest Products said: “Acquisitions sit at the heart of our five-year strategy for growth, but they have to be the right choice for us. So, when I received a positive reception to our approach to Mon Timber’s shareholders, I was delighted. This purchase constitutes an excellent fit for Premier, dovetailing neatly into our ongoing plans for diversification and vertical integration, with each business being able to benefit from the strengths of the other.
“Mon Timber will further extend Premier’s product portfolio and service capabilities, whilst Premier is able to bring clear benefits of scale, both financially and through its substantial distribution and purchasing network.
“We have no doubt that our shared resources will unlock further potential for both businesses, benefitting employees, customers and suppliers alike.”
Premier has experienced substantial increases in both turnover and profitability over the last two years, and the business is firmly focussed on further rapid growth to capitalise on the favourable market conditions. The company is already in high-level discussions regarding other projects.
Mr Edgell said: “This is the most exciting phase in the company’s development since its launch in 1993. Success breeds success, and we have a clear vision of where we want Premier to go. Bringing the Mon Timber brand into the Premier group is another significant step towards realising that ambition.”