Laidlaw, whose operations already include door manufacturer Leaderflush Shapland and partitioning specialist Komfort, has together with TDSL submitted the proposed acquisition to the Office of Fair Trading for clearance before the formal completion of the acquisition.
TDSL, which employs around 200 people and has a production facility in Mansfield, is a major supplier of performance doorsets for the non-domestic internal timber door market with a £23m turnover in 2010/11.
Timbmet group chief executive Simon Fineman said TDSL had more synergies with Laidlaw. “We have been a supportive investor for many years but, as TDSL has grown, we have reduced our stake, although Timbmet remains an important timber supplier to TDSL,” said Mr Fineman.
“The sale of our shareholding, as part of the wider acquisition, is a very amicable transaction and we wish TDSL and Laidlaw Interiors every success in the future.”
He said TDSL would remove “Timbmet” from its name in due course. Mr Fineman also said the name change would help avoid any confusion that Laidlaw was acquiring the Timbmet Group.
“The sale has no implications for the rest of the Timbmet Group and we remain focused on building our position as one of the country’s leading hardwood and panel products distributors.”
TDSL managing director Ash Malhan will continue in his position post-acquisition.
“The combined businesses will greatly enhance the value we can provide to our customers through a more integrated and flexible supply chain,” said Laidlaw Interiors Group CEO John Jefferies.
TDSL was originally formed by a merger of Timbmet’s door distribution business and a joinery company owned by Mr Malhan.
