DW3 Products, the investment group formed in November last year to create a new home-improvement-focused portfolio with the backing of NorthEdge Capital, is already set for a period of expansion following its first acquisitions, supported by Yorkshire Bank.
With backing from Yorkshire Bank’s specialist and acquisition finance team, the group has acquired the highly-regarded Window Widgets, which produces components for the window, door and conservatory sectors, and Eclectic Systems which is best known for its Residence 9 window system, bringing the number of employees in the group to 190.
Funding for the double acquisition was arranged by Jane Hartley and Seth Vaughan, senior directors for specialist and acquisition finance at Yorkshire Bank’s Manchester base.
Gareth Mobley, chief executive of DW3 Products Group, said:
“This first double-acquisition will have a transformational affect on the group and we hope, on the wider industry. We have a lot up our sleeves, so installers and fabricators can look forward to more revolutionary products in the near future.
“The backing of Yorkshire Bank has been incredibly important and we are looking forward to working with the team as we look at future growth opportunities. We were very fortunate to have a number of potential funding partners wanting to work with us but we felt a relationship with Yorkshire Bank was the right choice”.
Jane Hartley, senior director for specialist and acquisition finance at Yorkshire Bank, said:
“Gareth and his partners have created a strong management team with the clear focus on delivering innovative home improvement products. They have ambitions to grow and are actively looking at future opportunities to become market-leading manufacturers and suppliers.
“By acquiring like-minded and complementary businesses, DW3 is well-placed to create jobs, drive product development and share distribution channels while opening up new markets.
“We have a proven track record in delivering private equity backed deals. With DW3 Group we have acted quickly and seamlessly to provide an innovative structure which is suited to their commercial and growth requirements.”
Legal advice to Yorkshire Bank was provided by DWF in Manchester.
DW3 and NorthEdge Capital were advised by Pinsents Masons, KPMG, Altium and BDO.
Yorkshire Bank was founded in 1859 in Halifax, West Yorkshire. Yorkshire Bank is a trading name of Clydesdale Bank plc, a subsidiary of the National Australia Bank Group. Yorkshire Bank joined the Group in 1990.