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Buy-in opens door to growth for Yorkshire fabricator Magazine

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One on the region’s long-established privately operated PVC fabrication businesses has evolved hands in the management buy-in with the transaction providing an exit to the original founder shareholders.

The 22 million turnover SASH-Fitrite group, based in Barnsley and operating underneath the brands Sash UK and Fitrite Fencing & Decking, have been acquired by John Ross and Nick Lilburn, both whom were a part of the former management team at Bradford-based SafeStyle Group. The Yorkshire offices of Corporate Finance adviser Dow Schofield Watts and legal firm Squire Patton Boggs advised them for the purchase and subsequent fund raising, using the transaction backed by London based private debt fund Praesidian Capital Europe.

Having recently celebrated 50 years since its foundation, Sash UK is one of the North’s leading fabricators of doors and windows and Fitrite, set up on 2010, is just about the UK’s management from the supply of uPVC decking. The viewers employs approximately 180 staff at its Head Office and main production facility in South Yorkshire.

John Ross, Md, said: “It’s great to become back operating in the industry again and Sash, as being a long-established and successful fabricator in Yorkshire, provides Nick and myself while using ideal platform for accomplishing this. Our arrange for Sash is not hard C to carry on the place that the previous owners left off by focusing firmly within the trade, commercial and housebuilding revenue streams of your business”.

The Dow Schofield Watts team, which included Paul Herriott and Matt Thompson, was led by Tony Norwood, Director who said: “John and Nick’s history and knowledge on the glazing industry is unparalleled and we are happy to have advised them on negotiating buying adidas and puma as well as the required fund raising that now sees it leading an essential business in the community. Sash represents Dow Schofield Watts’ fourth completed deal with South Yorkshire in 2016 using the region remaining a core market for us like the MBOs of Yorkshire Repak and Redline.”

Richard Hunt, Corporate Partner at Squire Patton Boggs, led an authorized team across several service lines including tax, banking and property. He stated: “It’s fantastic to determine John and Nick win back working in the sector and we are delighted to have helped them make it happen. Under their stewardship and joined with long-term funding support of Praesidian Capital Europe, the combined business presenting fantastic growth potential.”

HSBC, as incumbent bank, has continued to provided clearing and Invoice Finance facilities towards group.

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