Devon timber door manufacturer acquired by Swedish firm
Fri, 19 Jul 2024 | BUSINESS SALE
A manufacturer of high-performance timber doors based in Devon has been acquired by Swedish technology group Lagercrantz. Principal Doorsets Limited, which employs more than 60 staff at its base in Barnstaple, manufactures and supplies a range of specialist, high-quality, fire-resistant door sets.
The firm supplies doors to an array of niche sectors within the premium market, including educational facilities, high-end residential buildings and healthcare establishments. Principal Doorsets’ products are accredited for their resistance to fire, smoke and x-ray, as well as their enhanced security performance.
Following the acquisition, the company will continue under the leadership of founders Rob Llewellyn and Stan Bond and the existing management team. The company said that the deal would “pave the way” for its next phase of growth, supported by Lagercrantz.
Rob Llewellyn said that finding “the right home” for the business was of “paramount importance” when selecting a buyer.
He continued: “In Lagercrantz we have a long-term partner that will provide a safe and stable home for our employees and customers, that shares our vision, culture and values, and will be able to support the continued development of the business.”
The deal was described as further strengthening Lagercrantz’s position and offering within the UK’s fire safety services market.
Lagercrantz UK Chief Executive Russell Stewart commented: “It is really exciting to welcome another high quality, niche market leader to Lagercrantz UK. Principal Doorsets will add to our existing expertise within the broader fire safety space.”
“We now look forward to working side by side with the management team to continue to grow and develop the business in the years ahead.”
A PKF Francis Clark team comprised of Chris Bishop, Brad Anderson and Andrew Killick advised Llewellyn and Bond throughout the process, including managing the full sale process from pre-sale preparation and identifying potential buyers to negotiation and due diligence support.
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