£14.3m loan unlocks fresh expansion opportunities for manufacturer
OakNorth Bank, a UK bank for entrepreneurs, has provided a £14.3m loan to Sentry Doors, which manufactures timber frame fire safety and security doors.
Established in 1989, Sentry Doors serves the social housing, public sector, commercial and residential markets and operates nationally from a 44,000 sq ft facility in Doncaster.
Earlier this year, the business revealed its acquisition of E&SW Knowles & Company, a manufacturer and supplier of internal door solutions specialising in acoustic, security, fire doors across private housing, healthcare, hospitality, student accommodation, and leisure.
The company is backed by Cairngorm Capital, a specialist private equity investment firm providing capital and management expertise to leading UK companies.
It invests in private mid-market growth firms across manufacturing, distribution, and services industries, and focuses on those that can weather economic volatility and have the potential for substantial further growth.
Its current portfolio companies have more than 6,500 employees and combined revenues of more than £1b.
Stuart Whiteford, Sentry director and Cairngorm Capital investment director, said: “We are pleased to have successfully completed this transaction for Sentry Doors – a strong manufacturing business we have been backing since early 2019.
“This debt facility from OakNorth will help position the business for future investment and growth, and enable the swift integration of the Knowles group following the acquisition earlier this year.
“We appreciated the speed and responsiveness of the OakNorth team – the team have strong commercial acumen and demonstrated a clear understanding of the business and its future growth potential.”
Stewart Haworth, debt finance director at OakNorth Bank, said: “Sentry Doors is an innovative business with a strong focus on quality and an experienced management team.
“Its acquisition of Knowles has provided it with cross-selling and upselling opportunities, as well as manufacturing capacity for growth, an even stronger sales team, and logistic synergies.
“With new legislation around The Fire Safety Act, the industry is primed for growth, so the above, coupled with the backing of an incredibly strong sponsor in Cairngorm and the capital from OakNorth, mean Sentry is well-positioned for this.”
OakNorth Bank received legal support on the transaction from Gateley Legal.
