18 Sep 2012 Bolt on Acquisition of Laidlaw
Rutland Partners, the specialist turnaround and restructuring investor, is pleased to announce that one of its portfolio businesses, Laidlaw Interiors Group (“LIG”) has acquired Timbmet Doors Solutions Ltd (“TDSL”), a major supplier of performance doorsets for the non-domestic internal timber door market for a total consideration of £7.8 million.
TDSL employs over 200 people in the UK at its six regional offices and modern production facility in Mansfield, and has a manufacturing facility in India supporting international projects. In the year ended 31 March 2012, TDSL had turnover of £21 million and EBITDA of £1.5 million. The combined business will greatly enhance the value LIG can provide to its customers through an increasingly integrated and flexible supply chain.
LIG is the UK’s leading supplier of integrated interior products. Its brands include office fit out and partitioning specialist Komfort, door manufacturer Leaderflush Shapland and ironmongery, doorsets, access control and handrail and balustrade supplier Laidlaw Solutions. The Group also incorporates Cubicle Systems washrooms and Tufwell Glass. Rutland invested alongside John Jefferies, CEO of LIG, through the simultaneous acquisition of Laidlaw and the interiors manufacturing division of SIG Plc creating LIG in August 2011.
Commenting on the deal, Paul Cartwright, Managing Partner of Rutland, said:
“LIG’s acquisition of TDSL further develops the group’s activities. LIG has made good progress in the last year and we continue to look to expand the group’s offer.”
Commenting on the deal, John Jefferies, CEO of Laidlaw Interiors Group, said:
“TDSL brings to LIG an excellent product range, access to international markets and wider customer reach, backed by an exemplary approach to service. The combined businesses will greatly enhance the value we can provide to our customers through a more integrated and flexible supply chain. I am delighted to welcome Ash Malhan (CEO of TDSL) to our LIG Board.”
The transaction was handled on behalf of Rutland by Paul Cartwright and Rahul Satsangi. Eversheds acted as legal advisors to LIG. Financial due diligence and tax structuring advice was provided by PKF.