We have acquisition news, and this time in the fire-doors part of the market which has been under intense scrutiny in recent months. Cairngorm Capital 2, part of the same stable as Cairngorm Capital, has acquired Sentry Doors who are based in Doncaster.
The press release:
Here is the statement issued by the company:
London, 22 February 2019: Sentry Doors Holdings Limited (Sentry Doors) is pleased to announce that it has entered into a strategic partnership with Cairngorm Capital Partners LLP (Cairngorm Capital), to accelerate its growth and consolidate its position as the industry leader in the timber fire and security door-set market. Cairngorm Capital is a specialist private investment firm that provides capital, strategic advice and operational best practice to ambitious UK companies to help them transform the growth potential of their companies.
Established in 1989, Sentry Doors is a specialist manufacturer of timber fire and security door-sets for the social housing, public sector, commercial and residential markets. Operating nationally from a 32,000 square foot facility in Doncaster, Sentry Doors has established a strong reputation for manufacturing products that meet the most rigorous quality and fire certification standards. Its commitment to regulatory compliance and high manufacturing standards has resulted in independent third party accreditations from BWF Certifire and BM Trada Q-Mark1.
As an expert provider of fire and security door-sets to the social housing sector, Sentry Doors works to ensure that its products exceed the highest levels of compliance and as such, is at the forefront of the industry’s support for regulatory change. This partnership will enable Sentry Doors to respond to the surge in demand for its products, driven by the increased focus on regulatory compliance and the significant retrofitting programmes. It plans to support its customers by increasing its manufacturing capacity, scaling production and improving geographic distribution.
The partnership was prompted by the decision of Founder and Managing Director, Gordon Yates and his wife, Carolyn, to be less involved in the day-to-day running of the business. Gordon will remain in the business in an advisory capacity. Ty Aziz, Sentry Doors’ long standing General Manager and Gordon’s deputy, is promoted to Managing Director. He will be supported by a strengthened board led by Jon Gatfield, who joins as Executive Chairman. Jon has considerable experience in manufacturing and logistics, including senior interim roles at Customade Group and National Timber Group.
Gordon Yates, Founder and Managing Director said, “I’m delighted that Sentry Doors and Cairngorm Capital will be working together, as our sector is on the cusp of considerable change. Although I am beginning to think about retirement, it was really important to find the right partner who had the vision and ambition to guide Sentry Doors to fulfil its potential. I wanted an investor who would be a good custodian of Sentry Doors in the future and who would provide opportunities for our exceptional employees. Cairngorm Capital has a really strong track record in accomplishing this so I am confident that Sentry Doors will go from strength to strength.”
Jon Gatfield, Executive Chairman said, “I’m delighted to be invited to Chair a strong business with significant opportunities for transformational growth. In particular, I am looking forward to working closely with Ty and the rest of the management team as we build on the great company that Gordon, Carolyn and the team have created.”
This transaction was led by Stuart Whiteford, Investment Director at Cairngorm Capital, who added, “Sentry Doors is one of the most knowledgeable and trusted names in the industry, with all of the attributes that are important to us when we partner with a business – a compelling product range, deep technical know-how and exceptional customer service. We are particularly interested in firms that are technically focused, experts in their field, add value to their customers and possess strong growth prospects. We are delighted to support Sentry Doors in its next stage of growth.”
Cairngorm Capital was advised on this transaction by PwC (financial and tax), CiL (commercial), Addleshaw Goddard
(legal) Vail Williams (property) and JLT Group (insurance). Sentry Doors’ shareholders were advised by BCMS (financial), Smith Craven (financial) and Mills & Reeve (legal).
Industry attention
Given the nature of the company that has been acquired, this is going to get some attention from the wider industry. Fire doors are an industry within an industry, with many regular entrance door companies having a fire door product within their stables.
After the Grenfell disaster, it is well know the troubles the fire door industry has gone through. Most companies have had to reassess their whole processes. That being said, in the last few weeks the industry appears to be turning a corner. Companies who stopped selling fire doors are selling them again. New fire door products have come to market. It does feel like, for some at least, progress is being made.
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