What was the deal?

The sale of Forza Doors to Will Hunnam and Novastone Capital Advisors, which completed in April of this year. Novastone invests in entrepreneurs via its Entrepreneurship Through Acquisition programme – a specialised process that connects investors with entrepreneurs who are looking to locate, acquire, manage and grow a privately held company. 

Forza is one of the UK’s leading independent timber fire door manufacturers. The majority shareholders of Forza had set up the business in 2010, having worked together for more than 25 years. They wanted to find an acquirer that could facilitate their exit, but also provide the right home for the business, its staff and its customers.

What was the timetable?

We formally met and pitched to the shareholders at the end of 2021, and were appointed to help consider the options available to them. They sought a sale of the entire company, but were equally determined to find the right home for it. We supported the business throughout 2022 to prepare them for a future sale process, which was especially worthwhile in current market conditions. 

Transactions have become harder to complete and we needed to prepare for that ahead of a formal sale process. Thankfully we had the support of a great team at Forza and some fantastic advisers who ensured that the right areas were assessed at the right time. Will was an experienced entrepreneur who had spent a decade running businesses for himself and investors. 

Who were the advisers?

We acted as lead corporate finance adviser to the shareholders of Forza. PDT Solicitors provided excellent legal advice to the shareholders and supported them throughout the transaction. Novastone was advised by Marriott Harrison and Buzzacott with legal and financial due diligence services respectively.

How competitive was the process?

It was very competitive, with a mix of trade and private equity-type buyers interested. The passive fire safety market has become increasingly attractive in recent years. Given that the shareholders wanted a full and clean exit, we had a clear objective to find suitable buyers that could meet that transaction criterion. In addition, the shareholders were highly focused on the right cultural fit – they wanted a buyer who would maintain the ethos of the business and ensure stability and continuity following their exit. 

We ran a two-phase process to assess the options available to Forza before deciding to offer exclusivity to Will and Novastone. They provided a solution that met the core objectives of the team and they felt they demonstrated the right culture and vision.

What were the challenges?

Timing was a big challenge. Deals are taking longer and some of the core workstreams crucial to delivering the transaction required more time than many of us in the industry have become accustomed to. We also had several stakeholders to manage on both sides of the transaction, including a buy-side fundraising process that added an extra layer of complexity. 

We got there in the end and it was a great outcome for all involved.