The Gowling WLG Corporate and Private Equity Team in London advises Rachel Owen and Scott Nicholas, the Founders of Roof-Maker, on the £30 million disposal and rollover of part of their sale proceeds to funds managed by Next Wave Partners LLP.
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. The business started in 2001 with a £5,000 investment generated by the Founders selling their car. Over the last 15 years, Roof Maker has enjoyed rapid and continued growth to become a market leader.
Rachel Owen and Scott Nicholas have re-invested alongside Next Wave Partners and banking partner, Pricoa Capital Group, along with members of the existing management team. The business will continue to operate from the facilities in Leicester and Scott Nicholas will remain in the role of Chief Design Officer.
Scott Nicholas commented “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. However, we recognised 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 Next Wave Partners, Pricoa and the Roof-Maker management team over the coming years to achieve more success together.”
The transaction was led by Sunil Kakkad (Head of Corporate), with support Stephen Bowman (Senior Associate) and Thomas Wilson (Associate). Michael Murphy (Tax) provided pre-sale structuring and tax support, with further support provided by Lee McBride (Property), Tessa Livock (Employment) and Elaine Hiles (Pensions).
Stephen Bowman commented "It has been fantastic working with Rachel and Scott on their disposal and reinvestment. They have chosen to partner with a fund manager renowned for providing transformation growth capital and together with a leading management team, we are very excited to watch Roof-Maker as it continues its domestic and international expansion on an accelerated trajectory".
Gowling WLG's 60 strong Corporate Team specialises in M&A and Private Equity transactions, advising private equity investors, founders, management teams and companies on a broad range of investments, acquisitions, reorganisations and exits in the mid-market and lower mid-market.