Thu, 04 Jul 2024 | BUSINESS NEWS
A Dudley-based company that specialises in maintaining and repairing elevators, stairlifts and service lifts has secured a minority investment from private equity firm LDC. Deltron Group will use the funding to accelerate its growth strategy.
Deltron Group employs 94 staff and maintains approximately 9,000 units for more than 1,700 customers across the UK. The firm’s customers span the public and private sectors and include local authorities, housing associations, hospitals and property and facilities management providers.
LDC is backing the company’s existing management team, led by directors Scott Haywood and Lukas Schlenker, to support its growth strategy, which is built around complementary M&A deals and investment in its services.
Deltron Group director Scott Haywood commented: "Our target market is growing, driven by increasing urbanisation and the need for the efficient flow of people and goods through densely-populated areas.”
"However, with this also comes a need for trusted, expert maintenance services to ensure elevators, service lifts, stairlifts and other products are operating effectively, safe for users and that organisations are compliant with all relevant standards."
Fellow director Lukas Schlenker said that LDC’s experience supporting similar companies in the West Midlands and the private equity firm’s ability to provide continuing investment in Deltron’s growth ambitions meant that it was “the perfect partner as we look to scale.”
Schlenker continued that it would be “business as usual” for Deltron following the deal, but that the firm would benefit from “an expanded team and even more experience on the board”, with Duncan Cooper joining as a non-executive chair.
Cooper brings significant experience supporting growth strategies at manufacturing and engineering businesses, including 19 years at global water pump manufacturer Grundfos Pumps, where he held executive roles including Managing Director for Western Europe and the Americas.
The LDC investment was led by the firm’s West Midlands team, including Investment Director Matt Newbold, Investment Manager Demetri Theofanou and partner and Head of the West Midlands Chris Handy.
Matt Newbold said that Deltron Group had been developed into a “business with a fantastic culture and a strong operating model that's respected across the market.” He added that the firm was “perfectly positioned for further growth”.
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