Weekly Email News for the Glass, Glazing & Fenestration Industries

Mycock and Jones reveal Synseal buyout
5th March 2019

Synseal CEO Matthew Mycock and Sales & Marketing Director Andy Jones today ended weeks of speculation by announcing the acquisition of Synseal Group from administration for an undisclosed sum by Aperture Trading Ltd, a vehicle created for the transaction.

Promising ‘significant levels of new investment’ into the venture, Aperture has been established by Synseal’s former majority shareholder together with the Chairman, and with the backing of the senior management team, including CEO Matthew Mycock and Group Sales & Marketing Director Andy Jones.

The trade and assets acquired are Synseal Extrusions, Warmcore, PVC-U fabrications including vertical sliders, roof systems, residential doors – now known as Calibre doors - Global Glass and Norvik.

The statemend adds: “The acquisition will safeguard more than 1000 jobs, secure supply to 1200 customers and allow the business to focus time and investment on areas which can be grown and create new value.”

Matthew Mycock said of the acquisition: “I joined the business in April last year and have since been working hard with the Board to chart a new course through a rapidly changing industry landscape. The formation of Aperture Trading Ltd provides the platform from which to develop a business that is right-sized and fit for the future, and one in which investment can be made across the many innovative products that will drive its growth.”

“We all know that the fenestration sector is fast changing and will continue to be under challenge in a number of ways:  raw material costs, accelerated consolidation across extruders, fabricators and installers, stagnation in some product categories and a significant reduction in consumer confidence. And yet, there is still real opportunity to be found. 

“But to access it, businesses need to decide where their core is and honestly appraise current performance and where the opportunities for improvement lie. That’s why it has been critical to implement these changes and secure investment across the businesses in order to seize this opportunity. The team is now clear on the way forward. We’re determined that we will create a simpler, more customer focused, and more sustainable business for our customers, colleagues and critical supply chain partners.”

Andy Jones added: “Following months of speculation, we trust this announcement will quell any conjecture about our future path. Customers and the entire supply chain can rest assured that Aperture’s management team are all unswerving in our commitment to the venture, and between us, will bring to market a powerful blend of decades of industry experience, backed with a depth of strategic business acumen from other sectors. We will be sharing more detail about our planned investment into the different parts of the business over coming weeks and months.”

Mat concluded: “I’m really looking forward to spearheading a new organisation that’s fit for the future, and most importantly, fit for the next generation of customers. Our clear message to the market is that we’re here to stay, and we’re here to build a strong business with customers at its heart.”

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