BSW Timber's recent acquisition of Howie Forest Products has received the Acquisition of the Year at the Insider Deals and Dealmakers awards 2010. The accolade rewards the ‘most ambitious, innovative or successful acquisition' of 2009/10. BSW Timber beat competition from amongst others Aberdeen Asset Management to take home the top award of the night.

The deal, completed in November 2009, increased BSW's sawn timber capacity to more than one million m³ per annum.

The judges commended the "transformational" nature of BSW Timber's acquisition and were impressed that all Howie Forest Products' employees have been retained following the deal.  

Howard Jones BSW's Finance Director who accepted the award, said: "The acquisition of Howie Forest Products catapulted BSW to become the clear market leader and strengthened its competitive position for the foreseeable future. The success of the deal is of particular importance given the difficult financial backdrop which underpinned the negotiations. In addition the deal stays entirely in Scotland, strengthening its case for Acquisition of the Year.

"The acquisition made sound financial sense and nearly a year on from deal completion, it is extremely satisfying that both Howie and the wider BSW group have performed so strongly. The deal has enabled two Scottish owned and headquartered businesses to protect and expand their customer base, secure future growth channels and maintain a major presence within UK and European markets. To be recognised as Acquisition of the Year is a great honour."

A special thank you goes to the professional advisors Shepherd and Wedderburn and Springfords, the deal funders RBS and the BSW acquisition team who made it all happen.

September 6, 2010