JB Kind has been acquired by its management team for an undisclosed sum in a deal led by Springboard Corporate Finance.
James Cadman, JB Kind’s managing director, said: "JB Kind is a successful and profitable business that weathered the recent economic climate well, thanks to its strong reputation, and is poised to secure further growth.
"The response from JB Kind employees has been extremely positive. At JB Kind, the whole firm is a hard-working family unit. Our culture is positive, dedicated and supportive and the JB Kind Team has seen this announcement as excellent news that will enable the company to continue its success at the forefront of the door market, continue to build on its relationships with merchants and housebuilders, and continue its employment of local people and charities."
Andrew Pearce, the previous owner of the company, will retain a minority shareholding in JB Kind. "This is great news for JB Kind,” he said. “There is now a very strong management team in place who will drive the future development of the company. Exciting times for all involved in the business!"
Mr Cadman added: "The directors of JB Kind are very pleased to have completed this transaction and look forward to the next phase of development for the company. Significant opportunity now exists to build on the business' history and reputation within the industry. We are excited by the opportunities ahead for the sector as we see greater demand for style and innovation from housebuilders and homeowners alike."
Springboard Corporate Finance advised the management team of JB Kind on the transaction, with a team led by partner David Neate and assistant director Robert Johnson, and by Simon Gill from Gateley LLP. The transaction was completed with funding from Lloyds Bank.