MBO completed at £30m South Yorkshire manufacturer
The UK’s largest privately owned aluminium fenestration systems manufacturer has announced a structured management buy-out (MBO) of the company by its current board of directors.
The MBO deal has been led by Senior’s managing director Mark Wadsworth and includes three other members of the board – sales director James Keeling-Heane, technical director Mark Wheatley and financial director Les Buxton.
Senior’s founder Lennart Jonsson, who helped launch the Doncaster-based company back in 1991, will continue as a shareholder and director.
The company is established in the commercial construction market and has a full suite of aluminium glazing solutions. Senior also invested in the development of its product range and was awarded a patent in 2016 for its low U-value PURe aluminium windows and doors.
Recently, Senior has entered the domestic residential sector, increasing its market share with the launch of a new range of aluminium patio doors and slim line windows.
Commenting on the MBO, Jonsson said: “This is a very exciting time for Senior and I am extremely proud of everything that has been achieved over the last 27 years. The move has been a natural and seamless progression for us.
“Our goal, as always, is to give our customers what they want, when they want it and the new management structure will enable Senior to continue to do just that.”
Wadsworth, Senior’s managing director, added: “Operationally it is business as usual and with the recent addition of our new financial director, the board is stronger than ever. Looking ahead, we will continue to invest to ensure that we not only have the products but also the service that our customers in both the domestic and commercial sector expect.”
The MBO was funded by Tosca Debt Capital (TDC), the regionally-based debt capital provider focused on regional SMEs.
Addleshaw Goddard provided legal advice to TDC and Senior was advised on the deal by a multi-disciplinary team from KPMG, led by corporate finance partner Giles Taylor, Stephen Leah and Philip Hall.
Legal advice on the MBO was provided by a team from Keebles LLP led by Matt Ainsworth and Henry Hill, with DLA Piper, led by Richard May, advising Lennart Jonsson on the transaction.
Gary Davison, Tosca Debt Capital partner, said: “Senior Architectural Systems has an excellent track record and a strong management team who have commanded an enviable position in their marketplace.
“We are delighted to have supported this transaction, which will allow the executive management team, led by Mark, to drive the business forward.”
Matt Ainsworth from Keebles LLP added “Senior has been a long-standing client of the firm and we are delighted to have been involved in this transformational deal. We look forward to seeing Mark and the management team realise the growth potential in the business over the coming years.”
Based in Denaby, Senior Architectural Systems also has operational bases in Scotland and Wales to provide a nationwide service. Employing over 160 people across the country, Senior’s reported turnover for the year ending June 2017 was £30.9m.
