Shower tray manufacturer Just Trays has completed a management buyout backed by a multi-million pound investment from private equity firm Maven Capital Partners.
Leeds-based Just Trays is the UK’s leading manufacturer of shower trays and related accessories. All of its product design, development and production is carried out at its main facility in Leeds.
The business sells products direct to trade partners in the construction and housing market and it has around 28 per cent of the UK shower trays market.
Under the current management team, which previously led an MBO backed by Gresham and RBS in 2006, the business has maintained profits in a market hit by the UK recession.
The firm said it is well placed to benefit from the improving economy and housing market.
Paul Crossley, managing director of Just Trays, said: “The timing was right for everyone concerned for Just Trays to find a financial partner to back us on the next stage of our growth strategy as we look at new routes to market, overseas expansion and bolt-on acquisitions.
“We are delighted to have found a financial partner in Maven who understand our ambitions and are supportive of UK manufacturing businesses. The Maven team is local and it was important that we find a partner both accessible and with experience of helping growth businesses.”
Ryan Bevington, investment director at Maven, said: “Just Trays is a great UK manufacturing business which received financial backing before the recession, but saw its core market decline from 2008 as the recession impacted the housing and construction markets. It is a credit to the management team that the business has remained profitable and cash generative.”
Maven was advised by Peter Wood and Louise Blair at Pinsent Masons in Leeds, with financial due diligence provided by Mazars.
The management team was advised by Hamish Morrison and Matt Scott at BHP Corporate Finance, with legal advice from Richard Moran and Rachel Dean at Clarion.