CASE STUDY 1

NATIONAL PAPER CONVERTER

Smith & McLaurin (SMCL) was acquired from the administrator in 2002 by Ian Mackay, the late founder of Symphony. In the first year of trading post acquisition the Symphony appointed team returned a profit of £400k on a restructured turnover of £12 million.

SMCL was acquired from the administrator in 2002 by Ian Mackay, the late founder of Symphony. In the first year of trading post acquisition the Symphony appointed team returned a profit of £400k on a restructured turnover of £12M.
In 2006 a secondary buyout was undertaken to allow the turnaround team to participate in the potential capital gains associated with share ownership. Symphony personnel were lead corporate finance advisers on the transaction.

In the last three years SMCL has returned steadily increased profits, now exceeding £1.2m, on turnover in excess of £23million, despite the much publicised challenges of increasing raw materials and power costs in the Printing, Paper and Packaging Industry.

Symphony retained both the Chairmanship and a non-executive role throughout the turnaround and growth phases of the business recovery and supported the management team in:

  • establishing a strategic focus beyond manufacturing product
  • transforming sales and marketing activity processes
  • developing integrated financial forecasts and KPI monitoring
  • delivering continued increases in capacity through productivity improvements acquiring the business of a competitor
  • Symphony executives continue to own a minority stake in the business and remain strategic advisers to it