LONDON – November 22, 2016 – Funds managed by Next Wave Partners LLP (“NWP”) have today acquired Roof-Maker for £30 million
LONDON – November 22, 2016 – Funds managed by Next Wave Partners LLP (“NWP”) have today acquired Roof-Maker for £30 million from its founders Rachel Owen and Scott Nicholas. Roof-Maker, based in Leicester, UK, is a fast growing, vertically integrated, UK-based omni-channel retailer of premium, high performance roof-lights, skylights and bi-fold doors. Pricoa Capital Group (“Pricoa”) provided senior debt and also invested in the transaction.
Rachel Owen and Scott Nicholas have re-invested alongside NWP and banking partner, Pricoa, along with members of the existing management team. The business will continue to operate from the facilities in Leicester and Mr Nicholas will remain in the role of Chief Design Officer.
Ms Owen and Mr Nicholas started the business in 2001 with a £5,000 investment generated by selling their car. Over the last 15 years, Roof Maker has enjoyed rapid and continued growth to become a market leader.
“When we founded the business, our goal was to produce products and service that we would want from a supplier ourselves" commented Rachel Owen.
“Rachel and I have really enjoyed building up Roof-Maker over the last 15 years into the leading manufacturer and supplier of rooflights in the UK” said Scott Nicholas “However, we recognized that the time was right to find a strong partner with experience of growing businesses such as ours, in particular developing export opportunities. We are very excited about the future and looking forward to working with the NWP team, Pricoa and the Roof-Maker management team over the coming years to achieve more success together.”
“Roof-Maker is a fast growing vertically integrated omni-channel retailer of premium, high performance rooflights, skylights and bifold doors to the fast growing UK market. In a market underpinned by government legislation surrounding CO2 emissions and our desire for greater natural light (and space) in our homes, Roof-Maker offers bespoke products with superior thermal insulation and solar gain efficiencies delivered to site within days of being ordered.” said Dean MacKenzie, Partner of NWP.
“It is a pioneer in its market and primarily sells direct to end-users undertaking home improvements and renovations across the UK. We were impressed with the degree to which the business has harnessed the internet to drive sales, thereby disrupting and bypassing traditional and established routes to market and its leading social media presence. The business enjoys one of the highest Trustpilot ratings across the entire building products sector.”
“We are delighted to have been able to invest in such a great company and are excited by the opportunity to work with the management team to take the business to the next level.”
"Roof-Maker has been an amazing success story and we want to build on that success moving forward.” said Paul Mildenstein, CEO.”With Next Wave Partners and Pricoa’s support, I feel very confident we have found the right partner to grow the business domestically and internationally."
NWP have a track record of significantly growing businesses they have acquired and the new investors plan to further accelerate the growth of Roof-Maker by developing new areas of opportunity and investing in new products, markets, facilities and equipment.
Established in 2001, Roof-Maker is the leading manufacturer of high quality rooflights and bifolding doors in the UK. Based in Leicester the business designs and manufacturers all of its product in the UK.
About Next Wave Partners LLP:
Next Wave Partners (NWP) is a UK based private equity fund manager focused on investing transformational growth capital. NWP raised its first external fund in 2007 and now has assets under management of €350 million. The firm invests in fast growing, established businesses with strong positions in developing markets and clearly identifiable growth opportunities. NWP targets companies in the business services and consumer products sectors. The investment in Roof-Maker is the first investment from Next Wave Partners III, NWP’s new institutional fund.
About Pricoa Capital Group>
Pricoa Capital Group is the international side of Prudential Capital Group, the private placement investment arm of PGIM Inc., the global investment management business of Prudential Financial, Inc. They have invested in private placements for more than 75 years, managing a nearly US$78 billion portfolio (as of 30/9/16) of private placements and purchasing up to US$12 billion, annually, in predominantly fixed-rate senior debt along with subordinated debt and preferred equity.