PE investment opens doors for Stoke manufacturer

STOKE-on-Trent composite door manufacturer Solidor has secured a private equity deal to help fuel further expansion.

Founded in 2004 and led by Gareth Mobley, the Fenton firm is a manufacturer of hardwood core composite doors. It has more than 130 employees.

The investment from Manchester-based NorthEdge will allow the business to expand its senior management team and continue to invest in operations, capacity and IT, while also providing the support for a buy-and-build strategy.

The financial details of the deal have not been disclosed.

Ray Stenton, partner and head of new business at NorthEdge, director Jon Pickering and investment executive George Potts, led the deal.

Stenton and Pickering will join the board as non-executive directors, with Potts joining as an observer.

Gareth Mobley, chief executive of Solidor, said: “This is an exciting moment for everybody at the Solidor Group. The investment that we have received from NorthEdge will help to catapult us to be a true market leader.

“We can accelerate all of our growth plans and launch our new products faster. This will be a game changer for our industry.”

Stenton said: “Solidor has established a strong market position in a growing niche of the home improvement market. Under Gareth’s leadership, sales have grown more than tenfold in the last five years.

“We join the company at a time when further executive support and financial backing will allow Gareth to build a group of niche manufacturing businesses. We are excited to begin working alongside the whole management team to deliver on the clear growth potential at Solidor.”

Solidor was advised on the deal by investment bank Altium, with a team that included Dominic Orsini and Mark Smith.

Pinsent Masons provided legal advice to NorthEdge Capital, KPMG advised on tax structuring, and BDO completed financial and tax due diligence.
CIL completed commercial due diligence.