Masonite International Corporation, a Canadian company based on the New York Stock Exchange, has acquired Greater Manchester business Performance Doorset Solutions Limited (“PDS”) in a $16m cross-border deal.
PDS is a supplier of custom doors and windows, with a niche focus on manufacturing bespoke timber joinery products. The company has approximately 200 active customers across the UK and supplies the new build, renovation, education and social housing sectors.
Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential construction, repair, renovation and remodelling, and the non-residential building construction markets. Founded in 1925, Masonite currently serves more than 6,000 customers in 70 countries.
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The EY North-West corporate finance team advised on the deal. Additionally Andrew Curwen and Gemma Lingard of Gorvins Solicitors provided legal advice to the shareholders of PDS during the process.
PDS co-founder and managing director Tim Fairley said that the company’s “products and service model are a natural addition to Masonite’s business”.
“We are pleased to see this transaction completed and excited about the opportunities it will bring for the business, our employees and customers,” he continued.
“The EY team’s sector insight, strong relationships with international acquirers and commitment to negotiating the best transaction meant they played a vital role in securing this deal, which marks the next step in PDS’ development.”
EY North-West director Emma Pickering called PDS a “superb business which performed resiliently during the economic downturn”.
“It is now demonstrating strong growth as the UK construction market increasingly looks for high quality, bespoke, timber doors and windows,” she said.
“Tim has driven the business impressively over recent years and this transaction provides a great result for the founding shareholders. PDS is a good strategic fit for Masonite as it provides a number of niche product lines that complement Masonite’s existing UK business.”
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