Private equity deal sees industry veterans take the helm of £22m-turnover manufacturer

A MANAGEMENT buy-in has seen the former top team at Safestyle UK take over a £22m-turnover fabricator.

Former co-founder of Safestyle UK, John Ross, and former financial director Nick Lilburn have acquired the Barnsley-based SASH-Fitrite Group.

Original shareholders, the Bean and Morrell families, have exited the business following the deal.

SASH consists of brands Sash UK and Fitrite Decking & Fencing. The business employ 180 people across their Barnsley headquarters and a South Yorkshire production facility.

50 year-old business Sash UK was joined by Fitrite in 2010.

Managing director John Ross said: “It’s great to be back operating in the industry again and Sash, as a long-established and successful fabricator in Yorkshire, provides Nick and myself with the ideal platform for doing so.

“Our plan for Sash is simple – to continue where the previous owners left off by focusing firmly on the trade, commercial and housebuilding revenue streams of the business.”

Mr Ross co-founded Safestyle in 1992, before exiting the business in 2010.

Stephen Morrell, former Sash and Fitrite managing director and son of one of the founding partners Terry Morrell, will continue to be involved in the business.

London-based private debt fund, Praesidian Capital, provided the funding for the deal.

A Yorkshire-based team from Dow Schofield Watts led by Tony Norwood included Paul Herriott and Matt Thompson. It is the fourth deal completed by DSW this year in South Yorkshire.

Mr Norwood said: “John and Nick’s track record and knowledge of the glazing industry is unparalleled and we are delighted to have advised them.”

A team led by Richard Hunt, consisting of Mae Salem, George Holden and Daniel Hassett from law firm Squire Patton Boggs advised on the deal.

Mr Hunt said: “It’s fantastic to see John and Nick get back involved in the sector and we are delighted to help them make it happen.”