Dundee furniture maker JTC has been bought by a Northern Irish firm, with the company boss promising staff it will be “business as usual” going forward.
The acquisition by Woodland Kitchens of JTC Furniture Group has been backed by billion-pound capital investor BGF.
Woodland Kitchens, headquartered in Ballymena, said the merger made “perfect sense” and the two companies would work in a “collaborative approach”.
As a result of the buy-out, the firms will now have an expected combined turnover of more than £50 million.
The most recent accounts published, to December 2022, show JTC had a turnover of £25.1m, up from £18.3m the year before.
Around 250 staff are currently employed by the company, which has two sites in the city and another in the English city Wakefield.
BGF will be a minority investor as part of the acquisition of JTC, which was purchased for an undisclosed fee.
JTC Furniture Group
JTC Furniture Group supplies kitchens, bedrooms and bathrooms across a range of sectors, including social housing.
The Harrison Road firm also has a presence in the growing student accommodation sector, as well as education and healthcare facilities.
Senior management, including managing director Gordon Linton, will remain in place as the transition takes effect.
He 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.”
‘Perfect sense’
Connor McCloskey, CEO at Woodland NI, said he and his team were looking forward to working with their new colleagues in Dundee.
He 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.”
Billion pound investor
BGF was set up in 2011 and has invested £3.9 billion in over 560 companies.
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.”
