Based in Somersham in Cambridgeshire, Kloeber is a manufacturer and nationwide supplier of glazing products - including bi-folding, sliding and entrance doors, windows, roof lights and bespoke glazed screens.
Kloeber has received nationwide attention in the media, with its products featuring on TV programmes such as Grand Designs and DIY SOS. In 2012 the company’s signature ‘FunkyFront’ door – a contemporary take on entrance door design – received Build It magazine’s Best Joinery Product Award.
Thriving in a Declining Market
Launched in 2006, Kloeber capitalised on the high demand for quality glazing products from the home improvement and self-build sectors.
Despite a general decline in the UK window and door market, the bi-folding door market grew by 17% (to £43 million) in 2011, an expansion that greatly benefited Kloeber. Within the first year of trading the company had designed a full range of timber glazed products. It later added uPVC, composite and aluminium products to its range.
Management Buy-Out
Having run the company on a daily basis for the past three years, the Kloeber management team have acquired the company from its founder and Director, Gavin Morris. Gavin now wishes to concentrate on his other business activities while retaining a reduced involvement and shareholding in Kloeber.
Commenting on the deal, Gavin said: “Lee, Matt, Phil and Dan are a great team. I’m confident that they will take the company from strength to strength. PEM Corporate Finance were very helpful in putting together the deal for us; the buy-out could not have happened without their support and advice.“
Tony Stairs of PEM Corporate Finance commented: “We’re delighted to assist in the management buy-out of Kloeber. Funding these kinds of deals can be a challenge in the current climate, as the banking market remains tight despite an upturn in deal activity. However, we were able to raise finance from RBS who did an excellent job for us. We wish the business and team every success for the future.”
A Promising Future
With the bi-folding door market predicting further growth of 40% to 2015, Kloeber is poised to continue its success in its leading position in this market.
Kloeber is currently expanding its product range with the launch of new glazed doors and contemporary rooflights. The market holds great potential for the management team to capitalise on over the next few years and the company is already recruiting for new positions in line with its continued expansion.
Deal information
Legal advisers to the deal were Rob Matthews at Keystone Law for the vendor and Jason Williams at Hewitsons for the buyout team.
Finance for the transaction was arranged by Steve Noon of RBS in Cambridge.
For further information please contact Peggy McGregor (Marketing Coordinator at PEMCF) on 01223 728 280 or at peggy@pemcf.com.
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Notes
PEMCF is part of Peters Elworthy & Moore(PEM) a full service, award winning accounting and tax practice with 13 partners and over 140 staff also based in Cambridge. PEMCF works primarily with owner managed businesses in East Anglia, the Home Counties and London, advising on all aspects of corporate finance transactions, from mergers and acquisitions (M&A) and company sales to management buy-outs (MBOs).
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