Synseal Extrusions, a UK-based supplier of PVC-U windows, doors and conservatories, has been acquired by private equity house H.I.G. Europe with debt funding from Yorkshire Bank.
The deal sees the management team led by chief executive officer David Leng take a significant equity stake in the business.
It also provides an exit for the founder Gary Dutton MBE, who will be retiring from the business to pursue his hobbies following a two-year wind down.
Operating from a 34-acre manufacturing facility in Sutton-in-Ashfield, Nottinghamshire, Synseal employs over 500 people. Turnover for the year ending March 2009 was GBP76.3m.
Synseal has historically sold the majority of its products into the domestic replacement market but recent product launches have opened up opportunities in the new build and social housing sectors.
The debt package, led by Yorkshire Bank and including mezzanine debt from Noonday Asset Management, will enable H.I.G. to support Synseal’s continuing improvement programme as well as its organic and acquisitive growth plans.
The Yorkshire Bank team was led by area director Ian Howey with Martin Poole and Dan Salt.
Howey says: “Gary Dutton has built up an impressive and market leading business. The strong MBO team are highly regarded and have significant industry experience which gives them a platform to take the business to the next level.”
H.I.G. managing director Paul Canning says: “We are very pleased to announce our investment in Synseal, a best in class business led by an excellent management team. We believe that with the resources we bring coupled with this team, Synseal is well placed to drive consolidation in the market and to harness its position as a leading supplier in the UK.”
