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London | July 2016
Investment Supports Acquisition of SASH-Fitrite by Management Investors
London - July 12, 2016 - Praesidian Capital Europe, a leading provider of senior and subordinated debt and growth capital in the United Kingdom and Northern Europe, announced today its investment of first lien debt in SASH-Fitrite Group (the "Company"), a leading provider of uPVC windows, doors, conservatories and decking across the UK.
The funds support the June 2016 acquisition of the Company by management investors John Ross and Nick Liburn and the realisation of their growth plan. Yorkshire-based Ross and Liburn were formerly CEO and Group Finance Director of Safestyle UK, respectively.
SASH-Fitrite is a leading manufacturer of u-PVC windows, doors and conservatories as well as decking and fencing. With a 50-year history, the Company has a well-rooted and successful brand in the sector with a focus on both quality and service. SASH-Fitrite operates one of the largest manufacturing facilities in North England and supplies its products across the UK to trade and commercial customers, which range from local builders and installers to trade merchants and leisure home park operators.
John Ross, CEO, commented, "SASH-Fitrite is a long-established and successful fabricator in Yorkshire which provides Nick and myself with the ideal platform to take advantage of the growth opportunities in the market. Our partnership with Praesidian and their flexible capital allows us to realise our plan and evolve the business further where the founder shareholders left off."
Christian Heidl, Partner of Praesidian Capital Europe, added, "SASH-Fitrite is a well-established Yorkshire business with a manufacturing and trading history in excess of 50 years. 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."
According to Jason Drattell, Founder of Praesidian Capital, "We are pleased to welcome SASH-Fitrite to our portfolio of companies. SASH-Fitrite is Praesidian Capital Europe's seventh investment in the Fund, and we are excited about the opportunity to provide support for this investment and to work with the Company going forward."
Founded in 1965 and headquartered in Barnsley, South Yorkshire, SASH-Fitrite is a leading manufacturer of u-PVC windows, doors, conservatories, decking and fencing in the U.K. The Company operates one of the largest purpose-built window and door manufacturing facilities in the North of England and employs approximately 180 people at its manufacturing and distribution facilities.
About Praesidian Capital Europe
Praesidian Capital Europe is an innovative private investment firm focused on providing senior and subordinated debt along with growth capital to established lower middle market businesses in the United Kingdom, Germany, and selectively in Northern Europe. Established in 2013 and based in London, Praesidian invests in private small and mid-sized companies, often in connection with management buyouts, recapitalizations or refinancings. Praesidian Capital manages nearly $1 billion in committed capital through various funds. For more information, visit www.praesidian.com.
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