Three senior figures in the management team of world-leading manufacturing firm Cotswold Architectural Products (CAP) have joined forces to acquire the business.
The global firm, which is based in Cheltenham and also has an office in Mumbai, manufactures and sells door and window hardware to manufacturers and distributors in the UK and overseas, boasting customers in over 50 countries and bringing in more than £8.5 million in annual revenue in 2022.
Founded in 1973, the company is renowned as the first British business and one of the first in Europe to manufacture friction stays, which helped to establish it as a world leader in its field.
The brand was bought by US firm Caldwell Manufacturing Company in 2014, before that company was acquired by Sweden-based global access solutions group Assa Abloy in 2022; though Caldwell's owners retained control of CAP.
Now, the Gloucester-based managing director of CAP, Tim Ferkin, has joined forces with the former Caldwell CEO Eric Mertz and CAP general manager in India, Umesh Ghai, to complete a management buyout of the Cotswold brand.
Cheltenham-based Lodders Solicitors and Midlands firm Burgis & Bullock Corporate Finance helped and advised the trio through the acquisition.
The new owners hope the purchase will enable them to press ahead with plans for further growth for the business.
Tim Ferkin said: 'We’re pleased to have been able to complete the management buyout, which will enable an acceleration of the group’s growth and investment plans.
'We have already established a manufacturing subsidiary in India to increase our production capacity and, with the deal completed, we can now press on with the next stage of our growth strategy.'
