NorthEdge at centre of double acquisition
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MANCHESTER private equity investor NorthEdge Capital has backed a double acquisition for a portfolio company.
The deals, for Window widgets and Eclectic Systems, complement its existing investment in Stoke-on-Trent based Solidor, and a new group called DW3 Products has been created.
The deals bring the total number of companies within the Stoke-based DW3 Products Group to four, with the new additions sitting alongside Solidor and Nice Door Panels.
Each business shares similar distribution channels, enhancing the group’s geographical reach and distribution capabilities.
The acquisitions follow investment from Manchester-based private equity firm NorthEdge in November 2014.
Window Widgets and Eclectic Systems are both Gloucester based companies.
The two businesses have been acquired from Dan Gill, who will now take on the role of chief executive of the DW3 Window Division and join the main DW3 board.
DW3 chief executive Gareth Mobley said: “This is fantastic news and an incredibly exciting investment for us.”
Jon Pickering and George Potts led the deal for NorthEdge. Ray Stenton, partner at NorthEdge and non-executive director at DW3, said: “We are pleased to be able to support Gareth and his management team in delivering their buy-and-build strategy for the group, which will only further strengthen DW3’s position in an exciting part of the home improvement market.”
DW3 and NorthEdge were advised by Dom Orsini and Mark Smith of Altium, Chris Heatlie at BDO, Steve Heath of KPMG and newly promoted partner Andy Phillips, of Pinsent Masons.
Funding for the double acquisition was arranged by Jane Hartley and Seth Vaughan, senior directors for specialist and acquisition finance at Yorkshire Bank based in Manchester. DWF acted for Yorkshire Bank.