PADDOCK FABRICATIONS MANAGEMENT BUYOUT - Feb 2006

The UK's leading independent window and door multi-point lock manufacturer - Walsall-based Paddock Fabrications - has changed hands in a multi million pound management buyout.

Paddock has been bought from the former shareholders in a buy-out led by managing director Nigel Hutchinson for an undisclosed sum.

Mr Hutchinson along with other members of the management team will take a significant stake in the business.

Paddock Fabrications was founded by Richard Harvey in 1978 and, together with its subsidiary Millenco, employs more than 300 staff.

The West Midlands-based group supplies a range of products for the UPVC, timber and composite door markets, with its main locking products trading under the well established Lockmaster and Mantis brands.

In the year to the December 2005, the group recorded sales of £28 million.

Ernst & Young's corporate finance team, led by director David Scourfield, were lead advisers to the MBO team.

Equity finance was provided by private equity firm "Baird Capital Partners Europe", and loan and working capital finance was provided by Royal Bank of Scotland.