Laidlaw Interiors Group (LIG), backed by specialist turnaround and restructuring investor Rutland Partners, has acquired Timbmet Doors Solutions (TDSL) for £7.8m (€9.7m).
TDSL supplies performance doorsets for the non-domestic internal timber door market. The company employs 200 people in the UK through six regional offices. It also has a manufacturing facility in India. In the year ended 31 March 2012, TDSL reported turnover of £21m and Ebitda of £1.5m.
LIG is a UK supplier of integrated interior products. Brands include office fit out and partitioning specialist Komfort, door manufacturer Leaderflush Shapland, as well as handrail and balustrade supplier Laidlaw Solutions. The group also includes Cubicle Systems washrooms and Tufwell Glass.
Rutland simultaneously acquired Laidlaw and the interiors manufacturing division of SIG in a £24.5m (€27.7m) deal in July 2011. Laidlaw and the SIG arm were merged to create a combined group. Rutland invested £17.3m in the £24.5m deal to create the largest supplier to the UK construction interiors market for doorsets, ironmongery and partition systems. The previous owner of Laidlaw, John Jefferies, rolled over his investment and became chief executive of the new group.