Independent Multipoint lock manufacturer, Paddock Fabrications and its subsidiary Millenco hardware have been subject to management buy out. Five members of the current management team, led by Managing Director Nigel Hutchinson, have acquired a significant stake in the business.

Funding for the MBO was provided by the international mid-market firm, Granville Baird Capital Partners and RBS.

Paddock Fabrications ws founded by vendor Richard Harvey in 1978 and, together with its subsidiary Millenco, employs over 300 staff across two sites in the Midlands. Paddock and Millenco are both well known as manufacturers of multi-point lock brands Lockmaster and Mantis. Estimated group sales for the year to December 2005 are £28 million.

International network

New MD Nigel Hutchinson comments: ‘The MBO will allow Paddock and Millenco to face the tough market challenges of the future. Our continuous enhancement programme and investment in plant, equipment and processes will ensure our locking products continue to set the standards the market needs. Our partnership with Granville Baird will allow to develop an international network whilst concentrating and further developing our core manufacturing activities in the UK.'

Nigel adds: ‘Granville's partnership will allow us to further enhance our product offering and invest in distribution and service, with a move towards world class manufacturing.'

Source

Glass Age

Postscript

Paddock Fabrications, tel. 01922 711722,