Rutland’s LIG Acquires TDSL

Rutland Partners portfolio businesses Laidlaw Interiors Group has acquired Timbmet Doors Solutions, a supplier of performance doorsets for the non-domestic internal timber door market. Total value of the transaction was 7.8 million pounds ($12.6 million).

PRESS RELEASE

Rutland Partners, the specialist turnaround and restructuring investor, is pleased to announce that one of its portfolio businesses, Laidlaw Interiors Group (“LIG”) has acquired Timbmet Doors Solutions Ltd (“TDSL”), a major supplier of performance doorsets for the non-domestic internal timber door market for a total consideration of £7.8 million.

TDSL employs over 200 people in the UK at its six regional offices and modern production facility in Mansfield, and has a manufacturing facility in India supporting international projects. In the year ended 31 March 2012, TDSL had turnover of £21 million and EBITDA of £1.5 million. The combined business will greatly enhance the value LIG can provide to its customers through an increasingly integrated and flexible supply chain.

LIG is the UK’s leading supplier of integrated interior products. Its brands include office fit out and partitioning specialist Komfort, door manufacturer Leaderflush Shapland and ironmongery, doorsets, access control and handrail and balustrade supplier Laidlaw Solutions. The Group also incorporates Cubicle Systems washrooms and Tufwell Glass. Rutland invested alongside John Jefferies, CEO of LIG, through the simultaneous acquisition of Laidlaw and the interiors manufacturing division of SIG Plc creating LIG in August 2011.

Commenting on the deal, Paul Cartwright, Managing Partner of Rutland, said:

“LIG’s acquisition of TDSL further develops the group’s activities. LIG has made good progress in the last year and we continue to look to expand the group’s offer.”

Commenting on the deal, John Jefferies, CEO of Laidlaw Interiors Group, said:

“TDSL brings to LIG an excellent product range, access to international markets and wider customer reach, backed by an exemplary approach to service. The combined businesses will greatly enhance the value we can provide to our customers through a more integrated and flexible supply chain. I am delighted to welcome Ash Malhan (CEO of TDSL) to our LIG Board.”

The transaction was handled on behalf of Rutland by Paul Cartwright and Rahul Satsangi. Eversheds acted as legal advisors to LIG. Financial due diligence and tax structuring advice was provided by PKF.

____ENDS____

For further information, please contact Paul Cartwright, Managing Partner, on +44 (0)20-7451-0700 or paul.cartwright@rutlandpartners.com.

For further information, please contact:

Rutland Partners LLP
Tel: +44 (0)20 7451 0700

Paul Cartwright
Managing Partner
paul.cartwright@rutlandpartners.com

About Rutland Partners:
· Rutland Partners is a leading turnaround and restructuring investor which invests in underperforming UK companies to create stability, strategic change and improved performance.

· The value of such companies will usually range from £20 million to £200 million with Rutland committing between £10 million and £50 million per investment.

· Rutland considers all later stage transaction types across all sectors with the exception of property, hi-tech and bio-tech investments.

· Rutland has raised £530 million in committed capital across two funds: Rutland Fund (£210 million) and Rutland Fund II (£320 million).

· Rutland Partners LLP is authorised and regulated by the Financial Services Authority.

· Rutland is a member of the British Venture Capital Association and a corporate sponsor of the Institute for Turnaround.

· Rutland Partners is supporting The Senahasa Trust in 2012, a small charity making a real difference at community level in Sri Lanka following the December 2004 Tsunami www.senahasa.org

· For more information on Rutland, please visit www.rutlandpartners.com