From the Manchester Evening News, September 24 2009
The corporate and commercial property teams at Stripes Solicitors came together to advise on the merger of Salford-based Trident with Leeds firm Ring Lighting to form Associated Lighting Group.
Crain’s Manchester Business, September 18 2009
Domestic lighting distributor Salford-based Trident has today announced its merger with Leeds-based competitor Ring Lighting.
This merged entity will be known as the Associated Lighting Group (ALG) and will turnover in excess of £35m, making in the second largest player within the market.
David Gutfreund, new chief executive of ALG and former executive chairman of Trident said: “The merger of Ring Lighting and Trident places us in an excellent position to take full advantage of the recovery.
“The merger represents a major consolidation within the industry, and we will be aiming to strengthen ALG’s position over the short term as we look to acquire smaller competitors and increase our market share. Moreover, this move has substantially reduced Ring Lighting’s debt.”
Both Ring Lighting and Trident are major suppliers to DIY, grocery and high street retailers – supplying chains including B&Q, Argos, Focus DIY, Pagazzi Lighting, Homebase, Tesco, ASDA, Shop Direct, TX Maxx, Wilkinson and Next.
Ring Lighting and Trident will be operationally managed as two separate entities each with their own client base, overseen by teams of senior personnel. The newly-formed ALG board will comprise of five main board directors. Chaired by Nicholas Jeffrey, it will include; David Gutfreund as Chief Executive, Bruce Davidson, MD of Ring Lighting, Brom Dixon, MD of Trident and David Green as Group Finance Director.
The deal was funded by Burdale Financial – the invoice finance arm of Bank of Ireland. Manchester-based TMG Corporate Finance and law firm Stripes Solicitors advised on the deal.
TheBusinessDesk.com, September 18 2009
A MANCHESTER lighting distributor has merged with a Leeds rival to create a £35m turnover business.
Trident said the deal with its Yorkshire competitor Ring Lighting would create one of the largest players in the market.
The formation of the new Associated Lighting Group (ALG) was funded by the asset-based lender Burdale Financial and other investors.
David Gutfreund, ALG’s chief executive and former chairman of Trident, said: “The merger of Ring Lighting and Trident allows the combined group to emerge extremely strong, and places us in an excellent position to take full advantage of the recovery.
“The merger represents a major consolidation within the industry, and we will be aiming to strengthen ALG’s position over the short term as we look to acquire smaller competitors and increase our market share. Moreover, this move has substantially reduced Ring Lighting’s debt.”
Both Ring Lighting and Trident supply DIY and High Street retailers such as B&Q, Argos, Focus DIY, Homebase, Wilkinson and Next. The two companies will be managed as separate entities each with their own client base.
The new ALG board will be chaired by Nicholas Jeffrey and include: David Gutfreund as chief executive; Bruce Davidson, managing director of Ring Lighting; Brom Dixon, managing director of Trident; and David Green as group finance director.
Mr Gutfreund has been a member of the Energy Saving Trust’s lighting strategy group for five years. He said he planned to use this experience to help ALG become the largest supplier of energy saving lighting fittings and light bulbs.
TMG Corporate Finance and Stripes Solicitors in Manchester advised on the deal.