£23m-turnover steelwork firm fortified with MBO
THE management team at structural steelwork and engineering business PAW have acquired the business with the backing of mid-market private equity investor LDC.
A team led by chief executive Roger French, construction director Paul Smith, commercial director James Walker and technical director Andrew Walker. Founder Alan Walker will remain a director and board member at the company.
The £23m-turnover business was founded by Mr Walker in 2001, and specialises in the design, manufacture and installation of light gauge building and structural works.
Based in Skipton, North Yorkshire, the business employs more than 80 people across its sites which include Brighouse, Evesham and Glasgow. It has worked on projects including The Sands development in Scarborough, the £20m Stockport Exchange, and Drayton Manor in Staffordshire.
The transaction was led by Dale Alderson, Dan Smith and John Garner at LDC in Leeds. Mr Alderson will join the board as a non-executive director.
PAW’s new owners intend to further invest in the company’s manufacturing capabilities and service offering.
Roger French said: “Our partnership with LDC marks the next phase of the business’s growth strategy, and I’m pleased that we have a partner that not only shares our vision and ambition but also has the knowledge and experience to help us reach that next level.”
Founder Alan Walker added: “We have a fantastic management team in place at PAW. With LDC’s investment and support the business has the firepower it needs to develop our offering further and scale the company. It’s not only an exciting time for management, but for our employees, customers and partners too.”
This is the third deal completed by LDC in Yorkshire and the North East this year, following the MBO of Zyro-Fisher and the £16.5m investment in games developer Team17.
Dale Alderson, investment director at LDC, commented: “PAW is a high quality business built on specialist technical know-how and customer focus. PAW recognised a gap in the market and developed a product and service that meets customers’ exact requirements, at every stage of the build process. We are delighted to support the business during its next stage of growth and development.”
PAW was advised by Paul Thompson and Cameron Varley at Camlee Group, alongside legal advice from Ian Gilbert at Walker Morris.
LDC was advised by a team led by Richard Goldsack including Jim Whittaker and Duncan Morpeth at Grant Thornton and Garry Elliott at Addleshaw Goddard. Financial due diligence was undertaken by Will Oxley at PwC, with commercial due diligence completed by CiL.
