Gordon Brothers Group Acquires SHM/Smith Hodgkinson Group

Press Release
BOSTON — Gordon Brothers Group (GBG), LLC, through its European division, Gordon Brothers Limited, has acquired SHM/Smith Hodgkinson Group (SHM), one of the United Kingdom’s largest independent commercial and industrial fixed asset valuation and disposition firms.

SHM, established in 1860, provides valuation and disposition services covering all business situations including insolvency and corporate recovery, plant and machinery and property appraisals for asset based lenders, valuations, litigation and insurance purposes, and corporate closure and asset dispositions. The firm has over 50 employees throughout the UK with offices in Manchester, Leeds, Birmingham and London, as well as offices in Bucharest, Belgrade, Bangkok and Kuala Lumpur.

“This acquisition will enable Gordon Brothers Group, which has existing operations in the UK, Germany and France, to expand our product offerings and geographical reach to Eastern Europe and the Far East,” stated Merv Weich, Chief Executive of Gordon Brothers Limited. “SHM’s impeccable reputation in the appraisal and disposition of commercial and industrial assets and real estate made this a compelling transaction to Gordon Brothers Group.”

“There is a natural synergy between the companies with strategic benefits that will strengthen SHM’s offerings,” added Andrew Duckworth, Chief Executive of SHM. “It will enable the firm to continue to grow in the UK and encompass Gordon Brothers Groups’ core skills in the retail area. The firm will also be able to further develop its international appraisal and disposal business in Western Europe and the US.”

SHM directors Andrew Duckworth, Neil Duckworth and Richard Parkinson have all entered into long-term agreements to continue to manage and develop the business as part of Gordon Brothers Group. The business will be known as SHM Smith Hodgkinson, a Gordon Brothers Group Company.

About SHM/Smith Hodgkinson: SHM/Smith Hodgkinson (www.shm-group.com) is the UK’s leading independent commercial auctioneer, appraiser and valuer of business assets providing services to banks, asset-based lenders, corporate finance professionals, and insolvency practitioners. The firm regularly undertakes the disposition of company assets for insolvency, restructuring and corporate closures. SHM has held a number of high profile auctions including what is considered to be the world’s largest when it sold the assets of the Amedeo Development Corporation in Brunei.

SHM/Smith Hodgkinson has four offices in the UK – Manchester, Leeds, Birmingham and London - and has a strong presence in South East Asia, Central and Eastern Europe with offices in Bucharest, Belgrade, Bangkok and Kuala Lumpur.

About Gordon Brothers Group
Founded in 1903, Gordon Brothers Group (www.gordonbrothers.com) provides global financial, operating and advisory services to companies at times of growth or restructuring. Gordon Brothers Group delivers customized business solutions for companies that seek to maximize liquidity of under-performing inventory, real estate, commercial and industrial assets, accounts receivable and intellectual property; facilitates mergers and acquisitions; appraises assets and provides equity and debt capital. During the past three years, Gordon Brothers Group disposed of over $12 billion worth of inventory, mitigated $3 billion of leasehold obligations and conducted appraisals on over $100 billion of assets.

In Europe the firm has undertaken projects for private equity firms such as Permira, major insolvency practitioners and retailers including BHS, Homebase, Littlewoods, What Everyone Wants, Castorama and Oviesse.