Nu-Style Products, one of the UK’s largest suppliers of laminate wall panel systems to the building and construction sectors, has secured investment from private equity investor LDC, part of Lloyds Banking Group.
LDC is backing Nu-Style’s management team, led by returning CEO Graham Cowie, who is joined by managing director Stephen Murray.
Mr Cowie led the business between 2010 and 2016, during which time revenue grew by 260%. The new, undisclosed, investment will support continued organic growth, increased manufacturing capacity at its Aberdeen site, and further expansion into England and international markets.
Founded in 1947 and based in Aberdeen, Nu-Style designs, manufactures and supplies laminate wall panels from its Bridge of Don Industrial Estate facility. Its customers include major UK building merchants.
Since joining the James Donaldson Group in 2016, Nu-Style has invested significantly in its manufacturing capability, product development and distribution network, supporting a sustained period of growth driven by the increasing adoption of panels over tiles.
It opened a depot in Birmingham in 2022, its first outside Scotland and since then has expanded to six UK distribution centres, with its latest opening in Welwyn Garden City in March this year, strengthening its reach into the London and South East markets. It has increased revenue by c.23% over the last three years.
The LDC transaction was led by investment director Lee Donaldson and investment manager Peyman Atapour, who join the board as non-executive directors, with support from VCP director, Lizzie Meadowcroft.
Duncan Cooper becomes non-executive Chairman, bringing a wealth of experience supporting the growth of companies in the manufacturing and engineering sectors.
Mr Cowie said: “Partnering with LDC gives us the investment and operational support to build on the growth achieved to date and move forward with our expansion plans. Having them based here in Scotland is vital as they understand our local market and can work with us closely as we move through this next phase.
“I’m personally thrilled to be returning at such an exciting time for the business and I’m looking forward to building an even stronger future together with LDC. Their deep experience in supporting businesses in our sector to grow will be hugely valuable to us.”
Mr Donaldson added: “Nu-Style is a brilliant business which has achieved strong growth in recent years, thanks to the quality of its products and its excellent customer service.
“:We’re seeing a structural shift in the market towards panels and Nu-Style is well positioned to capitalise on this opportunity. We’re very pleased to be supporting Graham, Stephen and the team as they embark on this next chapter.”
LDC was advised by RSM (corporate finance) and Burness Paul (legals). Banking facilities were provided by Virgin Money.
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