Thu, 09 May 2024 | MBO/MBI
A manufacturer of window and door hardware has been acquired in a management buyout (MBO). Cotswold Architectural Products Ltd (CAP) has been acquired by three senior management figures in a deal supported by Burgis & Bullock Corporate Finance and Lodders Solicitors.
CAP, which is based in Cheltenham and also has a Mumbai office, was founded in 1973. The company manufactures and sells window and door hardware to manufacturers and distributors in the UK and internationally.
The company was previously owned by Caldwell Manufacturing Company, prior to Assa Abloy's 2022 acquisition of Caldwell. CAP Managing Director Tim Ferkin, ex-Caldwell Manufacturing Company CEO Eric Mertz and CAP general manager in India Umesh Gamai have now acquired the business through the MBO.
Tim Ferkin commented: "We're pleased to have been able to complete the management buyout, which will enable an acceleration of the group’s growth and investment plans. We have already established a manufacturing subsidiary in India to increase our production capacity and, with the deal completed, we can now press on with the next stage of our growth strategy.”
He continued: "With sellers in the US and operations in the UK and India there were many complications and hurdles to overcome, but we are delighted to have completed the deal and look forward to a bright future for Cotswold Architectural Products."
Simon Chapman and Phil Stevens from Burgis & Bullock’s corporate finance team advised the management team on the transaction. Chapman commented: "We are delighted to have supported the management team in this acquisition, working with the sellers in the US and two subsidiaries in India to facilitate the cross-border deal.”
"Tim, Eric and Umesh have ambitious plans for the business and we look forward to following their success.”
"This is the latest in a string of international merger and acquisition deals on which Burgis & Bullock has advised, following recent support on the sales of Xchanger Services Limited to Vestas Aircoil in Denmark and the sale of CORE Information Management Systems to Mental Health Informatics in Norway."
Read more about manufacturing M&A trends
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