Private equity house HIG Europe has acquired Synseal Extrusions, a supplier of doors, windows and conservatories.
Private equity house HIG Europe has acquired Synseal Extrusions, a supplier of doors, windows and conservatories.
The company, which has sales of £76 million and claims its products are used in one in eight windows in the UK, was purchased for an undisclosed sum in a management buy-out (MBO) led by chief executive David Leng. Debt was provided by Yorkshire Bank, with mezzanine funding from Noonday Asset Management.
Paul Canning, MD of HIG Capital, says that Synseal is ‘well-placed to drive consolidation in the market and to harness its position as a leading supplier in the UK’.
Established in 1980 as a ‘direct sell and fit’ operation in the East Midlands, Synseal was selling its own products across the UK by the early 1990s. It now employs more than 500 people.
Founder Gary Dutton is to retire from the business to ‘pursue his hobbies’ after a two-year ‘wind-down’.
