Nottinghamshire-based door manufacturer Door-Stop International has been acquired by Canadian trade buyer Masonite International for £30m, in a deal advised by Clearwater Corporate Finance.
Established in 2008, Door-Stop is the UK’s leading manufacturer and distributor of high quality “ready-to-fit” composite exterior residential doorsets with a expanding nationwide customer base of trade fabricators, installers and specialist retailers. The business employs 200 staff and recorded revenue of £25m in 2013. Door-Stop will remain trading as normal and all staff will continue in their roles at its facility in Huthwaite, North Nottinghamshire.
Masonite International Corporation is a leading global designer and manufacturer of interior and exterior doors for the residential new construction; the residential repair, renovation and remodeling; and the non-residential building construction markets. Since 1925, Masonite has provided its customers with innovative products and superior service at compelling values. Masonite currently serves more than 7,000 customers in 80 countries. Additional information about Masonite can be found at www.masonite.com.
Gary Dutton MBE, chairman at Door-Stop, commented: “Door-Stop’s products and service model are a natural complement to Masonite’s business. Strong potential exists for the business in the form of continued organic growth, new markets and products, as well as through synergies and improved sourcing capabilities. Our employees and customers can look forward to capitalising on these opportunities.”
Phil Burns, managing partner at Clearwater, said: “The transaction allows Masonite to strengthen its global manufacturing network and provides a gateway into the UK composite entrance door market. Door-Stop has shown good growth over five years and the business is a clear leader in its sector.”
Mark Hughes and Gavin Cummings at Browne Jacobson provided legal advice.