RBS fund helps Sheffield distributor Duro UK complete acquisition

Sheffield-based Duro UK Ltd has acquired Pegasus UK and Pegasus Industrial Products Ltd, which both trade as Pegasus Diamond Blades, in an undisclosed deal.

The Royal Bank of Scotland’s corporate transactions team structured funding to support the acquisition.

Duro UK Ltd supplies synthetic diamond tools and power tool accessories to the UK and European markets. With its head office in Dinnington, Sheffield, the company also has offices and warehousing in Antwerp Belgium under its sister company Duro Europe SA.

Located in Pontypridd in Wales, Pegasus Diamond Blades supplies the tool and plant hire, construction resale, power tool resale and construction sectors.

Paul Morewood, managing director at Duro UK Ltd, said: “The acquisition will strengthen Duro UK Ltd’s market position in the South West of the country and London.

“We are an innovative thinking power tool accessory specialist and the completion of this deal helps us to expand our customer base across the UK.

“We are looking forward to working with the team at Pegasus Diamond Blades and are also grateful for the backing we have received from the Royal Bank of Scotland and Wake Smith.”

Stuart Watson, director corporate transactions team at Royal Bank of Scotland, commented: “The acquisition of Pegasus strengthens the geographical footprint for Duro UK Ltd and complements their existing business extremely well.

“It will open up a new customer base and we are very happy to support this acquisition which will increase the future potential of both businesses.”

Advisers on the deal include John Baddeley, director at Wake Smith Solicitors Limited which acted on behalf of Duro UK Ltd and the Royal Bank of Scotland.

The Royal Bank of Scotland was represented by Stuart Watson, director of the corporate transactions team and Alan North, relationship director.