NVM achieves 3.3x on IG exit

NVM supported the £6.9m management buyout of IG in September 2004, injecting £3.5m into the deal with RBS providing £1.85m of senior debt as well as an invoice discounting facility. 

Since the initial investment, IG has increased turnover by 54%.

The divestment will provide returns for four of NVM's funds: Northern Venture Trust, Northern 2 VCT, Northern 3 VCT and Northern Investors Company.

German trade buyer Hörmann purchased the company to increase its presence in the UK. Hörmann currently supplies residential hinged and garage doors, as well as a range of industrial doors and loading bay equipment in Europe, the US and Asia.

Company
IG supplies high-performance steel and glass-reinforced polymer external door sets. The door sets are designed to offer thermal insulation as well as minimal maintenance. The company has a manufacturing facility in Cwmbran in South Wales and employs 181 people.

IG focuses predominantly on the social housing sector, which has grown during NVM's investment period. The company also supplies doors to new-build developments.

People
NVM managing director Martin Green led the original investment in IG, and the subsequent exit.

IG managing director Mark Pulman will remain with the business following the transaction.

Advisers
Vendor – Ernst & Young, Richard Jones Luke Hardcastle (Corporate finance); Osborne Clarke, Alisdair Livingstone, Simon Jones, Simon Spooner, James Taylor, Michael Bell, Mark Braude (Legal).
Equity – Trowers & Hamlins, Amir Hashemi, James Johnson (Legal); CatCap, Daniel Dies (Financial due diligence).

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• Topics
• Exits
• Industrials
• UK / Ireland
• NVM Private Equity
• United Kingdom
• Trade sale