Evolve Corporate Finance, the M&A advisory practice headquartered in Birmingham, has advised Odlings Group on its sale to Sweden-based, Nasdaq-listed Teqnion AB (“Teqnion”).
The deal sees Teqnion, through its Birmingham-based UK subsidiary Teqnion UK, acquire Odlings Limited, Odlings MCR Limited, Crown Memorials Limited and F G Marshall Limited (“Odlings Group”) from the family office Bridgewater Bros Holding Limited (“Bridgewater”).
Odlings Group is a UK manufacturer, importer and retailer of memorials and remembrance products. The largest company, Odlings Limited, was founded in London in 1870 and operates from a 2.5-acre manufacturing site in Hull, with advanced CNC and stone-polishing machinery. The group supplies traditional memorials to monumental masons and funeral directors, and after-cremation memorials to local authorities and private crematoria.
Teqnion AB, founded in 2006 and headquartered in Solna, Sweden, is an industrial group that, through wholly owned subsidiaries, offers leading products and specialist expertise in selected market niches. Since April 2019, the group has been listed in Stockholm on the Nasdaq First North Growth Market and has subsidiaries located across Sweden, Finland, the UK, and Ireland.
Odlings Group will retain their identity and continue to operate from the same location in Hull, with the same management team in place whilst benefiting from Teqnion’s support and resources to continue investing in its people, capabilities and services. For Teqnion, the deal fits well with their long-term, decentralised ownership and stewardship model.
An advisory team at Evolve Corporate Finance, led by Tom Hammond, partner, with support from assistant director Daniel McCartney and senior associate Harry Ferguson, advised Odlings Group on the sale.
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“It has been a pleasure working alongside the Bridgwater family office to advise them on their sale of Odlings Group to Teqnion UK. The brands within the Odlings Group have a long and impressive history in the memorials and remembrance products markets and are synonymous with outstanding craftsmanship and creativity. It was important to Odlings that they retained their identity, management and entrepreneurial culture, whilst benefiting from the expertise of a larger, international group. The sale to Teqnion is an excellent fit.”
Evolve Corporate Finance
Tom Hammond, Partner
“Joining Teqnion marks an incredibly exciting new chapter for Odlings and the wider memorial businesses within our group. Teqnion was chosen because of their commitment to supporting specialist businesses whilst allowing them to retain their identity, culture and expertise. We are confident that under their ownership we will be well positioned to continue investing in our people, our capabilities and service. Thank you to Tom and the team at Evolve for your guidance throughout the process. We are delighted that we chose them to advise us.”
Bridgwater Bros Holdings
George and Duncan Reynolds, Directors
“Odlings Group is exactly the kind of business we want to own: a long history, skilled people, loyal customers and stable profitability. Evolve ran a well-prepared and pragmatic process that kept the family’s priorities at the centre, which let us move quickly and with confidence. We hope this is the first of many acquisitions we do together.”
Teqnion
Daniel Zhang, Deputy CEO and Director of M&A
The deal team
Who made it happen
Tom Hammond
Partner
Harry Ferguson
Executive
