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.