Woodland Kitchens has said it has agreed a deal to acquire JTC Furniture Group in a transaction backed by growth capital investor BGF.
Founded by Brian McCloskey in 1987 as a kitchen showroom operation in Ballymena, Woodland is still family-owned and led by Brian’s son Connor.
It has achieved over £25m in turnover, serving major trade customers across the UK and Republic and employing more than 170 staff in Rasharkin.
JTC is a manufacturer and supplier of fitted furniture, focusing on the social housing and student accommodation markets. It employs over 250 people.
With the acquisition of JCT, Woodland is set to become one of the largest cabinet producers in the UK, with a combined turnover of over £50m.
JTC’s existing senior management team will remain in place and will join the new combined business.
BGF, one of the biggest growth capital investors in the UK and Ireland, has introduced Marcus Moir, who has experience in the home improvement space, to the business as a non-executive director.
It has recently completed a multi-million-pound investment in the new Woodland Group for a minority stake in the business, which will be used to fund the acquisition and support future growth.
Connor McCloskey, CEO at Woodland NI, said: “Woodland has enjoyed strong organic growth in recent years but we have kept one eye on strategic, additive acquisition opportunities.
“The partnership with JTC was a move that made perfect sense in terms of scale, common values, capabilities and level of ambition.
“JTC’s strong presence and longstanding customer base in the social housing, healthcare and student housing sectors, combined with Woodland’s own strengths in the distribution and large retail space, will allow both businesses to share best practice and take a collaborative approach to further growth.
“We look forward to working with the team in Dundee.”
Chris Nixon, investor at BGF in Belfast, said: “Woodland and JTC are both established names in the kitchen furniture industry and by combining the team’s knowledge of the market and complementary customer base we believe there is high potential for growth.
“We are excited to join the Woodland team as a minority investor as they embark on this expansion.”
Gordon Linton, managing director of JTC, said: “We have been impressed with Connor, Brian and the wider team’s long-term vision for the business.
“We are convinced the strategic alliance with Woodland, with a proven, supportive backer such as BGF, will strengthen our own proposition and help develop our offering.
“For our team in Dundee, it will be very much business as usual, with a continued focus on providing great service to customers in the range of sectors where we are already a market leader.”
