Manufacturer to ‘supercharge’ growth after LDC deal
Cheshire manufacturer Rhino Products plans to “supercharge” its growth after receiving significant investment from LDC in a £36m deal.
Rhino lays claim to being Europe’s leading manufacturer of light commercial vehicle accessories and wants to grow its international sales further.
Rhino makes body parts for vehicles, such as roof racks, ladders and steps. It has UK factories in Ellesmere Port and Deeside, and sites in the Netherlands, Sweden and Poland.
Its most recent published accounts, for the year to April 2019, showed a pre-tax profit of £3.3m on sales of £18.3m. At that time, around 30% of its sales came from overseas.
Steve Egerton, chief executive of Rhino Products, said: “We are really pleased with the growth of the business over the last 17 years and proud of the brand and products we have developed
“Opening our new facility in Ellesmere Port earlier this year was a key milestone for the business and it demonstrates our ambition to continue to grow internationally. Now we want to supercharge that growth and in LDC we have found a partner with a track record of doing just that.”
The partnership with LDC will support Rhino to deliver its growth strategy through buy-and-build and further international expansion. LDC has committed to support Rhino with additional funding to further enhance its market share in the UK and internationally.
The investment was led by LDC’s John Clarke, Jacob Leone and Dale Alderson. Clarke will join the board as a non-executive director alongside former Bifold Group chief executive Gary Jacobson, who becomes non-executive chairman.
Clarke added: “Steve and his ambitious team came to LDC with a clearly mapped out strategy to continue to grow the business. Rhino is already a well-established market leader with a strong brand and has real potential to increase market share in the UK and overseas.”
The GCA Altium team was led by managing director Simon Lord and Adam Sivner, supported by Andy Battersby and Emma Hothersall.
Lord added: “Steve and the team have built a fantastic business over the past 17 years and the leading brand in the space. It has been a real privilege to work with such an innovative manufacturer and is testament to Steve’s vision.”
Banking facilities were provided by HSBC. LDC was advised by Grant Thornton, Hill Dickinson, CIL, and KPMG. Rhino Products was also advised by DWF.