MBO unlocks fresh opportunities for expansion at door manufacturer
An MBO for an undisclosed sum has been agreed at Leeds Plywood & Doors Limited. (LPD)
Founded in 1981, with a workforce of over 250, LPD is a second generation family-owned business, of which Stuart Gordon has now become the controlling shareholder.
For more than 40 years, LPD has made, imported and distributed internal and external doors for the domestic UK market.
The business also has a furniture division. Customers include Magnet, Wickes and Selco.
Regional accountancy firm and business advisor to SMEs, Azets, provided corporate finance advice to LPD managing director Stuart Gordon on the MBO.
Gordon said: “I’m looking forward to continuing to grow the business through new customers and products whilst also continuing to recognise the important role our trading partners play and build on the mutually beneficial long term relationships we have.
“I am hoping to bring inspiration and innovation through implementing solutions and continuing to put unrivalled attention to detail into everything we do, with a commitment to moving towards a sustainable future with transparent supply chain and environmentally responsible practices.
“LPD has been in my family for over 40 years and I am excited to take ownership.”
Tariq Javaid, corporate finance partner, and Richard Weston, corporate finance manager from Azets, provided corporate finance advice to Gordon, including deal structuring, finance raising and project management.
Sandip Khroud, partner, and Rebecca Bennett, senior associate, from Hill Dickinson, provided legal advice. Funding was provided by HSBC led by Helen Philips with legal support from Pinsents.
Javaid said: “This deal demonstrates the vibrant business environment in Yorkshire. LPD is a real success story, built on family entrepreneurship, innovation and quality, and Stuart is in a fantastic position to take it from strength to strength.
“This is a great deal and demonstrates the strength of the Yorkshire deals market. LPD is a long-standing Azets client and we look forward to working with Stuart and the team on his growth journey.”