Speed Frame PVC Limited (“Speed Frame” or “the Company”), the largest PVCu window, door and conservatory manufacturer in the UK, has secured funding for its future growth through Endless LLP, the buyout and turnaround fund focused on UK businesses with strong development potential. The funds will be used to reduce bank debt and provide working capital for future expansion.
In its first transaction, coinciding with its launch as a private investment vehicle focusing on regional buyout and turnaround opportunities, Endless is injecting £13 million into Speed Frame. The investment will help ensure the Company maintains the highest standards of products and service for customers such as Barratt Homes, George Wimpey and Persimmon Homes. It will also assist in the ongoing expansion of the business, both organically and through appropriate acquisitions.
The funding helps consolidate the position of a £35 million-turnover business employing 500 people at Goldthorpe, near Rotherham, South Yorkshire.
Speed Frame today also announces the appointment of Malcolm Smith as Chief Executive to lead the Company through its next growth phase. In his three years as Chief Executive of Dairy Farmers of Britain, Mr Smith undertook two acquisitions and led the UK’s leading dairy farmers’ cooperative from a £1.5 million loss to a £600,000 profit.
Commenting on the deal, Ian Harrison, Executive Chairman, Speed Frame PVC Limited, said: “We have invested heavily in the past three years in making this Company one of the leaders in Europe.
“We are enormously grateful to Endless LLP for arranging this deal, which will underpin our next stage of growth. What we particularly admired was the speed with which Endless put the deal together, as well as the professionalism of its advisory team. We can now look to the future with renewed confidence of our strong position in our UK and international markets."
Garry Wilson, Partner, Endless LLP, added: “We are delighted to have brought together the funding to secure the future of this quality, established business. We wish Speed Frame all the best in its next stage of growth and beyond, and we look forward to working with the Company to provide additional support as required. This is a highly competitive sector going through consolidation and our intention is to ensure that Speed Frame emerges as the market leader.
This is our first investment and we are proud of the result. Speed Frame had the investment it needed within seven days and 16 hours of our first contact. We think in hours and days rather than weeks and months, and believe no one can compete with Endless on our speed of transaction.
“This is the first in a number of deals in the pipeline and we shall be making an announcement on our second deal around the year end if all goes to plan.”
Malcolm Smith, Chief Executive, Speed Frame PVC Limited, said: “I very much look forward to a challenging and rewarding time leading this terrific business.”
Debbie Jackson, Partner in the Corporate department of Walker Morris in Leeds, advised on the legal aspects of the transaction.
Further information:
Malcolm Smith
Chief Executive +44 (0) 1709 888005
Endless LLP
Garry Wilson
Partner +44 (0) 7785 225147
garry.wilson@endlessllp.com
Darren Forshaw
Partner +44 (0) 7887 625110
darren.forshaw@endlessllp.com
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Speed Frame PVC Limited
Speed Frame is the UK market leader in the manufacture of PVCu windows, doors and conservatories. The Company has built a strong reputation in the UK and internationally for its modern, efficient production process, providing customers with a winning combination of quality and value. Speed Frame is based at its advanced manufacturing plant at Goldthorpe, near Rotherham, South Yorkshire.
http://www.speedframe.co.uk/
Endless LLP
Endless provides investment and financial advice to support buyout, turnaround and re-financing situations with equity and debt injections. Based in Leeds, the firm prides itself on its market-leading speed combined with ultra-efficient service. Endless makes its own investment decisions, without any need for approval by a credit committee. Supported by private investment, Endless has raised an initial fund of £100 million to invest.