Premier Roof Systems (PRS) has completed its first acquisition with the purchase of fellow North East-based Classic Windows.
The Jarrow-based company has achieved consistent year on year turnover and EBITDA growth, increasing its market share by expanding its product portfolio and through partnerships with market-leading manufacturers and suppliers.
PRS, which manufactures and supplies conservatory roofs, uPVC and aluminium roof lanterns, windows and doors and serves trade customers and homeowners nationwide, was founded in 2011 by directors Jamie Blackwood and Chris Mullen. Managing director Pouya Bostani joined the company in 2018 as an equal shareholder.
This acquisition builds on an existing relationship between the two businesses with Classic Windows being a long-standing customer of PRS. It will also create a group of companies, with the acquired business continuing to trade under its recognised Classic Windows name, expanding the manufacturing and distribution capabilities of the two organisations.
Classic Windows, which manufactures windows, doors and conservatories, was established 30 years ago by co-founders Andrew Peart and Joseph Walls. Andrew will act as a consultant to the directors of PRS for 12 months to support the integration of Classic Windows.
It operates from a 10,000 sq ft freehold production facility in Stanley, County Durham. Manufacturing will continue at the site alongside PRS’ existing 10,000 sq ft operation in South Tyneside.
The new group will also benefit from Classic’s strategic partnership with international pvc profile manufacturer Rehau. Classic is one of a small number of window manufacturers in the North East to hold distribution rights for Rehau and will enable PRS to expand the range of products it can offer to its customers locally and nationally.
Advising PRS and helping to secure the funding for the acquisition of Classic Windows was RGCF partner and head of corporate finance, Carl Swansbury and CF manager Connor McBride, with support from RG’s Accounts and Outsourcing director Dan Cooper and outsourced advisory assistant Rachael Best.
Legal advice to PRS was provided by Adam Rayner, partner, and solicitor Hayden Richards from the corporate team at Muckle LLP.
Classic Windows was advised by Barry Gill, director of TIG Corporate Finance with legal advice from Tom Pollard, partner and solicitor Jamie Guy at Ward Hadaway.
Pouya Bostani, managing director at Premier Roof Systems, said: “As we continue to scale the business, we believed that this was the right time to make our first acquisition to support our positive organic growth. I am really excited about working with the team at Classic Windows, who have built an excellent reputation in the market for high quality design and products.
“There are strong synergies between the two businesses, which will provide the opportunities for increased production volumes, efficient operations and a broader product range.”
Andrew Peart, managing director at Classic Windows, said: “This is a major milestone in the growth of Classic Windows, which has become well-established over the past 30 years. Joining Premier Roof Systems will provide a platform for its continued expansion, with the support of Classic Window’s experienced and dedicated workforce.”
Carl Swansbury, partner and head of corporate finance at RGCF, said: “Having delivered impressive turnover and EBITDA growth over the past few years, including during the challenging period of 2020, PRS is on a scale-up trajectory that will be enhanced by this acquisition. With the ability to expand its production capacity and product range, the company will be able to achieve the next stages of its growth strategy and further enhance its position as a high-quality North-East business operating across the UK.”
Gary Lumby, non-executive director of Premier Roof Systems, said: “We are confident that this acquisition will be instrumental in the ongoing development of PRS, bringing in additional skills, expertise and capability into the business. It has been a pleasure to also work with RGCF on this acquisition and I was delighted to introduce Carl and the team to PRS several months ago.”