News
LDC invests in IDSL
9 May 2024
LDC, the private equity investor which is part of Lloyds Banking Group, has invested in Integrated Doorset Solutions Limited Group (IDSL), a leading performance doorset specialist, to partner with the management team and support its ongoing growth strategy. The transaction will help IDSL to target further organic growth and make acquisitions in a highly fragmented market.
Founded in 2015 and based in Mansfield, Nottinghamshire, IDSL manufactures specialist performance doorsets, such as fire and security doors, for use in buildings including hospitals, schools, student accommodation, commercial and residential properties. It operates two manufacturing facilities and has 286 employees. IDSL has a strong reputation for quality and customer service, and the widest range of performance door intellectual property in the market, that the business continues to invest in. This includes ownership of leading brands such as Leaderflush Shapland and Timbmet Door Solutions Limited (TDSL).
IDSL Group also comprises Fire Door Inspection Solutions (FDIS), which specialises in the inspection, maintenance, repair and replacement of fire doors. Given the significant IP it owns, FDIS can often offer a repair rather than a more costly replacement door, which provides a significant competitive advantage, and, where necessary, utilises IDSL’s manufacturing capabilities for replacements.
The business has a strong growth track record, with a CAGR of 22% since 2016. The market, which is highly regulated, is also benefitting from long-term, structural tailwinds including increasing regulation, and is forecast to grow at around 5% through to 2030.
LDC is backing IDSL’s existing management team, led by Founder and Managing Director Ash Malhan. John Willox, formerly of fire safety testing and inspection group Exova, is joining the business as Chair. The transaction was led by LDC’s team in the East Midlands, including Partner and Head of East Midlands and East of England David Bains, Investment Director John Green and Investment Manager Mikayil Salahov.
We were looking for a partner to help us continue on our current growth trajectory, as well as to identify and capitalise on new opportunities. LDC has a track record in helping businesses like ours to grow, a personal approach and a sizeable local presence."
Ash Malhan continued: “Along with being a customer of Lloyds Bank, we’ve known the team at LDC for years. We’re looking forward to working together to enhance different areas of the business as we begin the next stage of our journey.”
David Bains, Partner and Head of LDC in the East Midlands and East of England, added: “IDSL is a leader in providing performance doorsets that are critical to its customer base, and the regular inspections and maintenance that keep their users safe. Ash and the business’ management team are highly experienced and committed, and we’ve built a strong, longstanding relationship with them over the last few years. With the expertise of the team and the opportunities in the market to grow through making complementary acquisitions, there’s no reason IDSL can’t keep going from strength to strength.”
LDC was advised by BDO (corporate finance and commercial due diligence), Cortus (financial), Claritas (tax), RSM (tax structuring), Catalysis (management), Mactavish (insurance), BFG (commercial) and Browne Jacobson (legal).
IDSL was advised by Magma (corporate finance) and Keystone (legal).
