Manchester lighting distributor in merger with rival
A Manchester-based domestic lighting distributor has joined forces with a former competitor in a merger to become the second largest company in its field with a turnover of more than £35m.
Trident, of Salford, and Ring Lighting, of Leeds, will merge to become Associated Lighting Group (ALG) but each will retain their separate identities with their own customer base.
As major suppliers to national chains including B&Q, Argos, Focus DIY, Pagazzi Lighting, Homebase, Tesco, ASDA, TK Maxx, Wilkinson and Next, the combined group expects to be in a good position to take advantage of an economic upturn.
New chief executive of ALG and former chairman of Trident David Gutfreund said, "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."
The merger was funded by Burdale Financial, the invoice finance arm of Bank of Ireland and the companies were advised by a Manchester merger and acquisition lawyer.