Industrial door company undergoes Finance Yorkshire-backed MBO
Wed, 31 Jan 2024 | MBO/MBI
Interdoor Limited, a Hull-based company that supplies and maintains specialist industrial doors, has undergone a management buyout (MBO) in a deal supported by a £1.3 million investment from Finance Yorkshire. The MBO was led by Operations Director Gary Toalster, with the support of Founder and Managing Director Mark Roberts, who owned 100 per cent of Interdoor prior to the sale.
Following the MBO, Mark Roberts will remain as a shareholder and director of the business. Roberts established the firm in 2017 after acquiring the industrial door business from a group of companies owned by a family member. The sector has grown significantly in the six years since.
As well as providing maintenance for industrial doors, the company also supplies and installs specialist industrial doors, including doors for large aircraft hangars, large acoustic doors for TV and film studios, high speed doors and freezer and cold storage doors for companies in the food sector.
Gary Toalster commented: "The buyout enables us to support our growth plans for Interdoor and together with our unrivalled customer service and technical knowledge will help us in our ambition to become one of the largest national industrial door maintenance providers in the UK."
The £1.3 million investment from Finance Yorkshire came from the investor's regional business fund, through which it expects to provide SMEs in the area with more than £50 million over the next five years. Mark Roberts said that Finance Yorkshire was Interdoor’s “first port of call to fund the transaction”, with the company having previously worked with its fund managers.
Alex McWhirter, chief executive of Finance Yorkshire, said: "Interdoor is an impressive company with a strong track record in the supply and maintenance of innovative industrial doors to a range of sectors. It has continued to grow even in the most challenging of trading conditions such as the COVID-19 pandemic. We are pleased to support the management team in the next chapter of the company's growth strategy."
Read about alternative financing options available to companies looking to do M&A deals
Find out more about the growing popularity of MBOs
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