Insider Media Limited

Who?
Nottinghamshire’s Synseal Extrusions, the manufacturer of PVC-U windows, doors and conservatories.

Did what?
Has been sold to HIG Europe, a private equity firm.

What does this mean?
Synseal was founded by Gary Dutton MBE in 1980 and employs approximately 500 people. In 2009, it reported sales of £76m. The transaction will see the management team of Synseal, led by chief executive David Leng, take a significant equity stake in the business. HIG has put £30.5m of its own money into the deal, and a debt package led by Yorkshire Bank has been arranged. Leng said: “Our partnership with HIG is a significant step in the development of the company. We have maintained our competitive advantage over the past few years and look forward to maximising the growth opportunities that the market will present going forward. This is an exciting time for our business, staff and existing customers.”

Who advised?
HIG was advised by Catalyst Corporate Finance and DLA Piper. Dutton was advised by Clearwater Corporate Finance and Browne Jacobson. Management were advised by Geldards. Financial diligence was provided by PricewaterhouseCoopers. Commercial diligence was provided by CiL and Armstrong. Yorkshire Bank together with Noonday Asset Management provided debt financing. Their advisers were Eversheds and Linklaters. Intuitus provided IT diligence and Willis delivered insurance diligence.

Insider comment:
Andrew Steel from HIG said: “Synseal has been a stand-out performer in a difficult market during the past two years. We are delighted to back the current management team plans for expansion.”