Principal Doorsets acquired by Lagercrantz

A leading UK manufacturer of high-performance timber doorsets has been acquired by Swedish listed conglomerate Lagercrantz.

Principal Doorsets Ltd manufactures and supplies specialist, high-quality and certified fire-resistant doorsets. The company’s market-leading products are accredited for their fire, smoke and x-ray resistance and enhanced security performance.

Employing more than 60 staff at its premises in Barnstaple, Devon, Principal Doorsets supplies a diverse range of niche sectors within the premium door market, including healthcare establishments, educational facilities and high-end residential buildings.

The acquisition will further strengthen Lagercrantz’s position and offering within fire safety solutions in the UK.

Russell Stuart, CEO of Lagercrantz UK, said: “It is really exciting to welcome another high quality, niche market leader to Lagercrantz UK. Principal Doorsets will add to our existing expertise within the broader fire safety space. We now look forwards to working side by side with the management team to continue to grow and develop the business in the years ahead.”

Founded in 2014, Principal Doorsets has grown successfully thanks to its reputation for quality products and exceptional customer support. The transaction now paves the way for the next phase of growth, supported by Lagercrantz but under the continued leadership of founders Rob Llewellyn and Stan Bond and the company’s existing management team.

PKF Francis Clark played a key role in facilitating this transition process.

Co-founder and managing director Rob Llewellyn said: “Finding the right home for our business was of paramount importance to us. In Lagercrantz we have a long-term partner that will provide a safe and stable home for our employees and customers, that shares our vision, culture and values, and will be able to support the continued development of the business.”

Rob and Stan were advised by a team at PKF Francis Clark, comprising Chris Bishop, Brad Anderson and Andrew Killick. The team acted as lead advisors to the shareholders, including managing the full sale process, from pre-sale preparation through to identifying appropriate potential buyers, transaction negotiation and due diligence support.

The team… instilled confidence that they were working in our best interests at every moment.

Chris Bishop, corporate finance director at PKF Francis Clark, said: “Principal Doorsets is a leader in its field, and the growth and success it has enjoyed are testament to Rob and Stan and the team they have built over the years. The culture of excellence, thoroughness and unwavering commitment to exceptional quality and client service is immediately evident throughout all areas of the company’s operations. It’s been a pleasure supporting the sellers throughout the transaction and I’m looking forward to seeing the business continue to thrive under Lagercrantz’s ownership.”

Stan Bond said: “PKF Francis Clark played a key role in facilitating this transition process. The team took the time to understand our work and our objectives, and instilled confidence that they were working in our best interests at every moment. We appreciated their collaboration from the initial exploration of options to the closing stages of the deal, and their active support, and wealth of knowledge and experience, proved invaluable throughout the process.

“The team at PKF Francis Clark were exceptionally hospitable and engaged from the outset. Their outstanding service is spot-on and demonstrated in constant communication and ongoing quality in delivery.”

In collaboration with the lead advisory team, Damian Lannon, partner in PKF Francis Clark’s tax advisory team, provided corporate tax advice. Sell-side legal advice was provided by Kirill Bingham and Catrin Trefor of Clarke Willmott, with buy-side legal advice provided by Ben Devons and Tom Mawson of Marriott Harrison.

Read more: PKF Francis Clark wins Corporate Advisory Team of the Year at South West Dealmakers Awards