Chiltern has completed an investment in Doby Verrolec Limited (“Doby”), the largest manufacturer of HVAC ductwork jointing systems and ductwork components in the UK. Doby was previously a subsidiary of Heitkamp & Thumann, a family owned industrial manufacturing group headquartered in Dusseldorf.
Based in Stanley in County Durham, Doby can trace its origins back to the 1950s and employs over 50 people at its headquarters.
Chiltern has taken a majority stake in the company and will play an active role in supporting Malcolm Moss (Managing Director) and Terry Dingley (Works and Technical Director) to accelerate growth. As part of the transaction, experienced sector and private equity chairman, Tony Clarkson, joins the Board as Chairman.
David Butler, Investment Manager at Chiltern, commented: “We are delighted to partner with Malcolm, Terry and the rest of the Doby team and will support the business as it capitalises on its strong position in the UK to launch new complementary products and embarks on geographical expansion.”
Malcolm Moss, Managing Director, commented: “I am very pleased to be working with David and Tony, as we build on our reputation for manufacturing excellence, product quality and service with customers across the UK and globally.”
The deal represents Chiltern’s fourth corporate carve-out, following on from its investments in Hanmere, IMD and APS where it partnered incumbent management teams to support them in buy-out transactions.
David Butler and Ed Ransome will join the Board.