Castle advises on the sale of the Excel division (“Excel”) of Dolphin Solutions Limited (“Dolphin”) to Seko UK (“Seko”), part of a multi-million turnover Italian hygiene group.
Dolphin has been providing commercial washroom products and systems in the UK since 1999, working with a wide range of architects, contractors and developers. Over the years the Dolphin brand has built an excellent reputation and has become synonymous with quality. The company’s renowned and extensive Excel range offers commercial handwashing and sanitising dispensers, soap and consumables, with the division experiencing high growth over recent years. The divestment is the first step in Dolphin’s plans to focus on and grow its core commercial washroom business.
Castle identified the buyer, negotiated terms, and managed the transaction to ensure a satisfactory outcome for all parties.
Jonathan Beattie, Managing Director of Dolphin, commented: “Castle were excellent in leading us through the process and ensuring that all parties were kept informed as to progress along the way. Communication was excellent. This divestment of a portion of Dolphin will enable us to focus on our core commercial washroom business’
Victoria Ansell, Castle director, commented: “It has been a real pleasure to work with Dolphin on this transaction, and also to work opposite Seko for a second time. We know deals can be a real distraction to clients – especially when disposing of only part of the business – and our focus has been on ensuring matters run smoothly from start to finish, keeping everyone aligned on the rationale for and commerciality of the deal. I have no doubt that the Excel range will be a great addition to Seko’s UK operations, and look forward to working further with Dolphin in the years ahead.”
Castle Managing Director, Stuart Stepney, added: “This was another great opportunity for Castle to deliver for corporate owners through an international sales process. Seko was well known to us from a previous transaction and we were able to leverage that experience to ensure the sales process was delivered in a very efficient manner, keeping distractions to a minimum. My congratulations go to all involved and to the continued success of Excel under new ownership.”
Castle Corporate Finance acted as lead adviser to Dolphin on the transaction, with legal advice provided by Cripps Pemberton Greenish. Seko UK was advised by Mayo Wynne Baxter.