DK Group has acquired an initial 75% stake in the GE Doors business (including the subsidiaries GE Door Manufacturing and GE Carpentry Services) for an undisclosed sum. The remaining 25% will be acquired over the following four years.
GE Doors based in Maesteg, South Wales, was founded by its chairman Gary Evans in 1999 and has established itself as a player in the manufacture of commercial doorsets. It now has annual sales in excess of £8m. In addition, it has a rapidly growing in-house ironmongery operation offering clients certified doorsets inclusive of all the associated ironmongery.
GE Doors has over 85,000ft2 of manufacturing space and 66 employees. It operates across a broad range of sectors, including health, education, mental health, commercial and residential, and is said to be leading the way in terms of offering its own comprehensive fire certification. GE Doors primarily operates across, Wales, the South West and the Midlands, and recently expanded nationally supporting key customers serviced by its own fleet of delivery vehicles.
DK Group, a family-owned business, has been trading since the early 1980’s with activities across a range of industrial sectors. In recent years it has continued to develop its portfolio of activities through further investment and acquisitions. Its aim is to create a group of entrepreneurial, empowered businesses that operate independently within a clear reporting structure and a strong corporate governance framework.
DK Group believes that GE is the ideal business to complement its existing portfolio and that GE Doors will benefit from the long-term investment perspective of a family-owned company.
GE Doors will continue to be managed by its existing executive team led by Jason Pincombe as managing director. Gary Evans will continue as a director and have an ongoing role in the business. DK directors Kevin Higginson and Richard Cookman will also join the GE Board.
Gary Evans and Jason Pincombe commented: “DK Group, as a family owned business, shares the GE Doors business philosophy, and by joining forces, we will be creating a platform for continued growth for both GE Doors and DK Group. We look forward to working with Kevin Higginson and his team,”
Kevin Higginson, CEO of DK Group Investments, said: “I am thrilled to welcome Gary, Jason and the entire GE Doors team to the DK Group and its family of businesses. We are excited by the opportunities available to GE Doors to continue its strong growth in the UK specialist doors market. We look forward to working with and investing in the GE Doors business, to make the most of these opportunities.”
DK Group continues to seek further value enhancing acquisition opportunities into which to invest its current cash resources, across a broad range of industrial sectors.