NVM exits IG Doors

5 June 2014

NVM has successfully sold IG Doors, a manufacturer of composite external doors for the housebuilding industry, to the Hörmann Group (Hörmann), a family-owned German manufacturer of residential and industrial doors. The acquisition of IG Doors will help Hörmann to strengthen its presence in the UK market and in turn help IG Doors to develop new market opportunities. The sale represents an IRR of 17.3% per annum and a money multiple of 3.3x on NVM’s original investment.

IG Doors has been supplying an extensive range of high performance steel and glass reinforced polymer (GRP) external doorsets from its manufacturing facility in Cwmbran, South Wales for over 30 years. The company employs 181 staff and is now the largest manufacturer of composite door sets in the UK — with a number one position in the new-build residential market and an ever increasing presence in social housing development.

NVM originally funded the management buy-out of IG Doors and ongoing development of its manufacturing capabilities, in order to increase its exposure to the social housing sector. This area of the market has delivered considerable growth to the company and IG Doors now holds a significant share of the social sector refurbishment market. The business has also been supplying to new-build developments since inception and is a well-established player in this sector. Despite the economic climate between 2009 and 2011, IG Doors has seen a 54% increase in turnover during this period.

Mark Pulman, Managing Director of IG Doors comments:
“We have invested heavily to improve our manufacturing capabilities and production equipment over the years. This has helped us to stand out from our competitors by offering a flexible and cost-effective product range backed up with outstanding service. IG Doors has successfully penetrated the social housing sector, so we are keen to build on this and also reach out to new markets. Joining together with Hörmann will help enormously in accelerating this process. The sale is extremely well-timed for our business growth and NVM has offered dedicated support over the years.”

Martin Green, Managing Director of NVM Private Equity:
“We are delighted to see Mark Pulman and the team entering into their next stage of development with Hörmann. The management team have all been with the business for over ten years and have unrivalled sector knowledge. They are committed to driving growth and entering their target markets, so we wish them the best of luck for the future. We are also pleased that the sale represents a significant return for the shareholders of NVM’s funds.”

The sale represents an exit for NVM’s funds: Northern Venture Trust PLC, Northern 2 VCT PLC, Northern 3 VCT PLC and Northern Investors Company PLC – all of which co-invested in NVM’s investment of IG Doors.


Ernst & Young (Financial adviser to NVM and management) – Richard Jones, Luke Hardcastle

Osborne Clarke (Legal advisers to NVM and management) – Alisdair Livingstone, Simon Jones, Simon Spooner, James Taylor, Michael Bell, Mark Braude

Trowers & Hamlins LLP (Legal adviser to buyers) – Amir Hashemi, James Johnson

CatCap (Financial adviser to buyers) – Daniel Dies

IG Doors Limited has supplied the house building industry with an extensive range of high performance composite external door sets in both steel and glass reinforced polymer (GRP). These products provide the combined thermal insulation and minimal maintenance characteristics that are demanded by both major house builders and regional developers as they strive to meet the ever increasing demands of the industry in the twenty first century.

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