Granville Baird leads Paddock MBO

Guy
30 January 2006

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Granville Baird Capital Partners, the international mid-market private equity firm, has today invested ТЃ8.9m in Paddock Holdings Ltd, the UK market leader in the design and manufacture of high quality, multi point door locks. The funding from Granville Baird Capital Partners, alongside senior facilities from the Royal Bank of Scotland, supported the management buyout of the company led by managing director, Nigel Hutchinson, who along with other members of the management team will take a significant stake in the business. Nigel Guy and James Benfield led the deal for Granville Baird Capital Partners.

Paddock Fabrications was founded by vendor Richard Harvey in 1978 and, together with its subsidiary Millenco, employs approximately 300 staff. The West Midlands-based group supplies a range of related products for the uPVC, timber and composite door markets, with its main lock products trading under the well established 'Lockmaster' and 'Mantis' brands. Paddock Fabrications also produces a range of complementary hardware which, alongside its locks, is supplied to major industry manufacturers, distributors and fabricators.

Paddock’s success to date has been built on design and technical excellence coupled with exceptional reliability, vital for a mission critical component. Extensive testing and on site after sales support also ensures high satisfaction levels from the installer base. This strategy has given the company a strong presence in its three core markets of social housing, new build and household maintenance and improvements. In the year to the December 2005, the group will record sales of £27m.

Granville Beard Capital Partners in Europe and its sister company Baird Capital Partners in the US have significant experience of investing in the manufactured products sector. Companies backed include Alukon, Rainford and SSB. These businesses are all founded on strong product design capability coupled with technical excellence. Granville Baird Capital Partners will assist Paddock through leveraging the benefits of the Baird international network in Europe and the Far East.