By: 31 October 2018
Keebles advises in Senior Architectural Systems management buy-out

Keebles has represented Doncaster-headquartered Senior Architectural Systems, the UK’s largest privately owned aluminium fenestration systems manufacturer, in a management buy-out (MBO) of the company.

Senior’s managing director, Mark Wadsworth, led the MBO, which included three other members of the board—sales director James Keeling-Heane, technical director Mark Wheatley and financial director Les Buxton. Senior’s founder, Lennart Jonsson, who helped establish the company in 1991, will continue as a shareholder and director.

The move marks an important milestone in Senior’s 27-year history, a period during which the company has been at the forefront of the aluminium fenestration industry.

With a strong standing in the commercial construction market and a full suite of aluminium glazing solutions, Senior has invested heavily in the development of its product range and was awarded a patent in 2016 for its low U-value PURe aluminium windows and doors.

The company has also recently made inroads into the domestic residential sector, increasing its market share with the launch of a new range of high performance aluminium patio doors and slim line windows.

Commenting on the MBO deal, Jonsson said: “This is a very exciting time for Senior and I am extremely proud of everything that has been achieved over the last 27 years. The move has been a natural and seamless progression for us. Our goal, as always, is to give our customers what they want, when they want it and the new management structure will enable Senior to continue to do just that.”

Wadsworth added: “Operationally it is business as usual and with the recent addition of our new financial director, the board is stronger than ever. Looking ahead, we will continue to invest to ensure that we not only have the products but also the service that our customers in both the domestic and commercial sector expect.”

The MBO was funded by Tosca Debt Capital, a debt capital provider focused on regional small- and medium-sized entities with strong growth potential.

Addleshaw Goddard provided legal advice to TDC and Senior was advised on the deal by a multi-disciplinary team from KPMG, led by corporate finance partner Giles Taylor, Stephen Leah and Philip Hall.

Legal advice on the MBO was provided by a team from Keebles, led by Matt Ainsworth and Henry Hill, with DLA Piper, led by Richard May, advising Jonsson on the transaction.

Ainsworth, who leads the Keebles corporate and commercial team, added: “Senior has been a long-standing client of the firm and we are delighted to have been involved in this transformational deal. We look forward to seeing Mark and the management team realise the growth potential in the business over the coming years.”

Commenting on the deal, Tosca Debt Capital partner Gary Davison said: “Senior Architectural Systems has an excellent track record and a strong management team who have commanded an enviable position in their marketplace. We are delighted to have supported this transaction, which will allow the executive management team, led by Mark, to drive the business forward.”

Based in Denaby, South Yorkshire, Senior Architectural Systems also has operational bases in Scotland and Wales to provide a nationwide service. Employing more than 160 people across the country, Senior’s reported turnover for the year ending June 2017 was £30.9 million.