Tue, 17 Dec 2019 | MBO/MBI
Gloucester-based manufacturing firm Window Widgets has been acquired from US-based Masonite International Corporation by its UK management team in an MBO.
Window Widgets, situated on Gloucester’s Quedegely West Business Park, manufactures products, accessories and ancillaries for doors and windows. Its offerings include The Residence Colleciton.
The company has over 800 trade customers across the UK and Ireland and last year saw turnover of £11 million in the nine months up to December 2018.
The UK management team consists of sales and marketing director Sarah Hitchings, technical director Michael Hart, operations director Richard Bonner and finance and commercial director Gregory Pigott.
The management team were advised financially on the buyout by Cattaneo Corporate Finance and were given legal advice by Legal Clarity. Shawbrook Bank provided financial support through a funding package.
Window Widgets sales and marketing director Sarah Hitchings commented: "I along with the other three directors of this business are thrilled with the deal, something that's good for the workforce and within the market sectors we operate in.
"We now have an opportunity to invest, innovate and realise the considerable potential of this business and we’re eager to put our plans in place and to drive this business further forward."
Cattaneo Corporate Finance partner Charles Cattaneo added: "Window Widgets is an excellent business and 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."
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