Manufacturer snapped up by Leeds investment firm
AN acquisition by Leeds and Harrogate firm Panacea Investment Group is opening the door for the growth of a Durham manufacturer.
Panacea, under the directorship of Dan Summerfield and Steve Roberts, has bought Gliderol UK from its Australian owner, Ben Lumber.
Mr Lumber was the majority shareholder in Gliderol UK, and recently purchased the international group from the Australian stock market-listed GWA Group.
He wanted to focus on the Australian business and was looking to divest his UK interests.
The purchase includes a 60,000 sq ft manufacturing facility based in Peterlee, County Durham, and will see 40 of the firm’s staff and management remain with the business.
Gliderol Garage & Industrial Doors was set up by its Australian parent firm nearly 30 years ago.
Ben Lumbers chief executive of parent company Gliderol International PTY Ltd, said: “I am delighted with the sale of Gliderol UK to Panacea, they have exciting plans for the business and will provide the leadership and development to enhance Gliderol’s position in the UK and European markets.
“I shall remain in an advisory role to the board and am pleased to announce Gliderol UK has entered into a strategic partnership with Gliderol International which will see it benefit from R&D, technical and product innovation ensuring it remains at the cutting edge of the garage door industry.”
Dan Summerfield, director of Panacea, said: “The company has an excellent reputation for its product quality and, whilst it will be business as usual for customers, suppliers and other key stakeholders in the short term we will be working tirelessly with our partners to deliver innovation in the sector.
“Our focus and objectives will centre on our customers and ways in which we can improve our service and the products which we offer.”
Steve Roberts, director of Panacea, added: “This is an excellent opportunity for Panacea, clear investment prospects exist which will allow us to execute our strategy and deliver stepped change growth.”
