Canadian giant swallows manufacturer PDS
A ROCHDALE manufacturing business which makes doors and windows has been sold to a Canadian company for more than £10.5m.
Performance Doorset Solutions of Littleborough, which in the year to the end of April has sales of £13.4m, has been snapped-up by New-York listed Masonite International Corporation for US $16m (£10.5m).
PDS employs 150 at its headquarters on Greenvale Business Park. As well as supplying custom-built doors and windows, it has also manufacturs bespoke timber joinery products.
The firm has around 200 active customers across the UK and supplies the new build, renovation, education and social housing sectors.
Its new owner, Masonite International Corporation is a global designer and manufacturer of interior and exterior doors for the residential construction, repair, renovation and remodelling. Founded in 1925, Masonite currently serves more than 6,000 customers in 70 countries.
Tim Fairley, co-founder and managing director at PDS, said: “PDS’ 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.
A corporate finance team from EY in Manchester acted as lead adviser to the shareholders of PDS, with Emma Pickering and Helen Spence originating the deal.
Emma Pickering, a director at EY, said: “PDS is a superb business which performed resiliently during the economic downturn and is now demonstrating strong growth as the UK construction market increasingly looks for high quality, bespoke, timber doors and windows.
“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.”
Andrew Curwen and Gemma Lingard of Gorvins Solicitors provided legal advice to the shareholders of PDS on the deal.
