26 Jul 2011 Acquisition of Laidlaw and SIGIM
Rutland Partners, the turnaround and restructuring investor, is pleased to announce the simultaneous acquisitions of Laidlaw and the interiors manufacturing division of SIG plc (SIGIM). Rutland is investing alongside John Jefferies, CEO of Laidlaw. Laidlaw is the UK’s leading supplier of architectural ironmongery, doorsets, handrail and balustrading systems into the UK construction market. SIGIM includes the leading brands in commercial doors and partition systems, Leaderflush Shapland and Komfort respectively, and the Cubicle Systems washroom and Tufwell Glass businesses.
John Jefferies, the owner of Laidlaw, is rolling his investment in Laidlaw into the new group, which will be called Laidlaw Interiors Group and will become Group CEO. Rutland has invested £17.3 million in the deal which is valued at £24.5 million.
The acquisition will create the leading supplier to the UK commercial interiors market for doorsets, ironmongery and partition systems. The group will have combined revenues of approximately £130 million and a market leading position in all three product sectors. Rutland and John Jefferies intend to restructure and further invest in SIGIM to turn around its performance and merge it with the Laidlaw business. The combined businesses will be in a strong position to build on their market leading positions.
This joint acquisition will be Rutland’s sixth investment from Rutland Fund II (£322 million) and the fourth investment made in the last 12 months across both its funds.
Commenting on the deal, Paul Cartwright, Managing Partner of Rutland said:
“SIGIM is now non-core and underperforming within the much larger SIG plc group. Its acquisition alongside Laidlaw creates a leading commercial interiors manufacturing and distribution group. We believe that with Rutland’s support and the leadership of John Jefferies, the enlarged group will be able to capitalise on its strong market position.”
John Jefferies, CEO of Laidlaw Interiors Group said:
“I am delighted to have Rutland as a partner to work with my team in developing the Laidlaw Interiors Group to become a major force in the UK interiors market.”
The Rutland team on the transaction comprised Paul Cartwright, Rahul Satsangi and Kajen Mohanadas. Ben Slatter provided additional support. Eversheds, RSM Tenon, Newton, PKF, O’Connors and Armstrong provided advice to Rutland and Laidlaw.