Investment group buys garage door business

Panacea Investment Group acquired Gliderol UK, a manufacturer in the UK garage door market, which was set up by its Australian parent company some 29 years ago.

The acquisition includes the purchase of the companies purpose built 60,000 sq ft manufacturing facility based in Peterlee, county Durham.

The deal will see all 40 Gliderol staff and its management team remain with the business and Panacea has expansion plans for the company.

Ben Lumbers, the majority shareholder in Gliderol UK, recently purchased Gliderol International PTY Ltd from the Australian stock market listed GWA Group and will now focus on the Australian business and so was looking to divest his UK interests.

Mr Lumbers, CEO of Gliderol International PTY Ltd, said: “I am delighted with the sale of Gliderol UK to Panacea, they have exciting plans for the business and will provide the leadership and development to enhance Gliderol’s position in the UK and European markets.

“I shall remain in an advisory role to the board and am pleased to announce Gliderol UK has entered into a strategic partnership with Gliderol International which will see it benefit from R&D, technical and product innovation ensuring it remains at the cutting edge of the garage door industry”.

Dan Summerfield, director of Panacea, said: “We are delighted to have completed the acquisition and are motivated by the opportunity which exists to rapidly expand the business. The company has an excellent reputation for its product quality and, whilst it will be business as usual for customers, suppliers and other key stakeholders in the short term we will be working tirelessly with our partners to deliver innovation in the sector.”

Steve Roberts, director of Panacea, said: “This is an excellent opportunity for Panacea, clear investment prospects exist which will allow us to execute our strategy and deliver stepped change growth.”