Management buyout at Gloucester-based manufacturing firm
By James Young | 17th December 2019
A Gloucester firm who manufacture products, accessories and ancillaries for doors and windows has been the subject of a management buyout.
Window Widgets, who are based in the Quedegely West Business Park have been acquired by its management from US-based Masonite International Corporation.
Cattaneo Corporate Finance advised on the buy-out which will see the management take control of the firm that turned over £11million in the nine months to December 2018.
According to the announcement made by Cattaneo on the deal, "Window Widgets supply a range of accessories and ancillaries."
They also produce "The Residence Collection of premium windows and doors, from its manufacturing facility in Quedgeley to 800 trade customers throughout the UK and Ireland.
The management team of Sarah Hitchings (sales and marketing director), Michael Hart (technical director), Richard Bonner (operations director) and Gregory Pigott (finance and commercial director) led the deal.
The announcement added: "The management team are looking to implement an investment programme to support further growth, with bold ambitions for the future direction of the business.
"The management team were advised by Cattaneo Corporate Finance who led the transaction on their behalf, sourcing and negotiating a debt package from Shawbrook Bank.
"The transaction involved a team of Midland advisers with legal advice from Legal Clarity, tax advice from Parisi Tax, while financial due diligence was undertaken by Duff & Phelps and Shawbrook Bank received legal advice from Freeths. Masonite was advised by BDO and Pinsent Masons."
Sales and marketing director Sarah Hitchings said: "This deal is good for the company and its employees and gives us the opportunity to invest, innovate and realise the considerable potential that we, as a management team, know Window Widgets has.
"We are looking forward to growing our product ranges, continuing to provide excellent service and quality product to our customer base and further developing our brands in the market."
Charles Cattaneo of Cattaneo Corporate Finance added :"Window Widgets is an excellent business.
Not only does it have the capacity to capitalise on its broad product range and strong brand but it also has robust defensive qualities; continuing to serve its end customer base in the repair, maintenance and improvement market during periods of economic uncertainty.
"The funding package secured from Shawbrook has not only funded the MBO but it also provides the management team with the firepower to continue to invest in the business. We wish them every success with the buy-out."
Kelly Henney, Senior Relationship Director, Midlands for Shawbrook Bank said: "We are delighted to support MBO of Window Widgets and look forward to working with the management team who have demonstrated that they have the knowledge and skills to make Window Widgets a huge success under their ownership."
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