Two former senior executives of Safestyle, the giant double glazing giant, including one of the companyâs founders, have completed a management buy-in at a Barnsley manufacturer.
Nick Lilburn and John Ross have bought into the firm, SASH-Fitrite, which trades under the brands Fitrite Fencing & Decking and Sash UK.
The pair were advised on the purchase and resulting fund raising by Yorkshire based law firm Squire Patton Boggs and financial adviser Dow Schofield Watts. The transaction was also backed by Praesidian Capital Europe, a private debt fund based in London.
The former chief executive and chairman of Safestyle, Ross, has taken on the position of managing director at the Yorkshire firm and said he was pleased to be part of the industry once more with such a long-established successful fabrication firm like Sash which will provide him and Lilburn with a great platform to do so.
Our plan for Sash is simple – to continue where the previous owners left off by focusing firmly on the trade, commercial and housebuilding revenue streams of the business, Ross explained.
Meanwhile, Corporate Partner at Squire Patton Boggs, Richard Hunt, led a legal team across a number of service lines which included property, banking and tax.
Hunt said he was delighted to see Ross and Lilburn return to the industry and that his company was pleased to be involved in making it happen for them, adding that the business has great potential for growth under their control along with Praesidian Capital Europeâs long term funding support.
One of Praesidian Capital Europeâs partners, Christian Heidl, said that SASH-Fitrite is an established Yorkshire firm with trading and manufacturing history of over 50 years.
He added: We have developed an excellent relationship with John and Nick over the last months and look forward to backing them and SASH-Fitrite in its next phase of growth.