Principal Doorsets, a £9million sales fire door manufacturer based in Barnstaple, Devon, has been acquired for an undisclosed sum by Swedish technology group Lagercrantz.
The company, with around 60 employees and a customer base mainly of healthcare establishments, educational facilities and high-end residential apartment buildings, will continue to be headed by co-founders Rob Llewellyn and Stan Bond.
MD Rob Llewellyn said: “It feels safe to partner with a long-term and stable owner who can support Principal Doorsets’ continued development. I very much look forward to continuing as MD of Principal Doorsets under Lagercrantz’s ownership.”
Russell Stuart, CEO of Lagercrantz UK, said: “It is exciting to welcome another high quality, niche market leader to Lagercrantz UK. Principal Doorsets will add to our existing expertise within the broader fire safety space alongside Door and Joinery, Fireco and Supply Plus.”
Martin Sirvell, head of the group’s TecSec division, said: “Principal Doorsets will further strengthen Lagercrantz’ position and offering within fire safety, a focus area within the TecSec division. The business has shown good growth and profitability and we look forward to continued development as a stand-alone profit centre within the division.”
Lagercrantz Group is active in nine countries in Northern Europe as well as in China, India and in the USA. The Group has approximately 2,800 employees and annual revenues of about MSEK 8,100. The Company is listed on Nasdaq Stockholm since 2001.
https://www.principaldoorsets.com
