FRP advises on SFL sale to Sphering Group

20 December 2022 2 min. read
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SF Limited has been purchased by Sphering Group, as Stamm International Corporation exits the manufacturing firm. The sell side was supported by professionals from FRP Corporate Finance.

Based in Devon, SF Limited (SFL) designs and manufactures residential and commercial chimneys and flue systems. The company was founded more than 50 years ago and has expanded its reach across the US, Europe and Asia. The business was acquired by Stamm International Corporation (SIC) – a US-headquartered manufacturer of heating, ventilation and air conditioning equipment – in 2003.

As SFL looks to enter a new phase of growth, it has found new backing from Sphering Group. While SIC exits from the business, the deal sees Sphering Group – itself a supplier of flue and ventilation systems to the residential, commercial, and industrial markets across France, Italy, Belgium, Germany, Poland – take its headcount to 800 people, while adding a sixth manufacturing plant to its industrial capacity.

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As part of the deal, SFL will maintain its base in the UK and all 80 employees will remain with the company. At the same time, its global presence will increase dramatically, enabling to reach new markets and expand its customer base.

An FRP Corporate Finance team, led by partner Simon Davies and comprising Ben Lowe, senior manager, and Nick Wright, manager, advised SFL’s shareholder on the deal. According to Marilyn Skony Stamm, President and CEO at Stamm International Corporation, the consultants “played a critical role in every stage of the transaction,” and were “instrumental in the ongoing negotiations and moving the process forward.”

FRP team leader Simon Davies added, “SFL has been a mainstay in the UK manufacturing industry for more than half a century, and the team has a well-earned reputation for its entrepreneurial culture and quality customer service. Sphering shares SFL’s customer-centric values and, combined, the group is in a great position to expand its international presence. It just goes to show that there remains considerable investment appetite for UK manufacturing businesses that have a strong proposition and skilled leadership teams. We have a longstanding relationship with SIC, and we are thrilled to have supported them in securing the perfect partner for SFL’s next growth chapter.”

BDB Pitmans acted as sell side legal advisers. On the buy side meanwhile, Sphering was advised by Sherrards and PKF.