Industrial investment firm Red Coast Industries, lead by Omar and Yossuf Albanawi, have acquired Scunthorpe-based Premier Sealant Systems Limited in a deal backed by Shawbrook.
Red Coast was spun off in 2022 by Banvest, a family run investment group, to identify investment opportunities within the industrial sector where it can utilise its team’s expertise to add direct value.
Founded in 1994, Premier is a national manufacturer of profiled foam fillers and supplier of core sealing products used in the roofing, cladding, glazing, coldstore and maintenance sectors.
In 2018 Managing Director Stewart Morgan joined the business and he, alongside the rest of the company’s management team, has delivered a strong period of growth, something Red Coast will look to build on with their own expertise and management experience.
The full terms of the deal consist of a multi-million-pound flexible funding package which will both facilitate Red Coast’s acquisition of Premier, as well as providing working capital to the business to continue its growth trajectory. The previous owners of the company, John Burns and Peter Duffy, will be fully exiting the business.
The two parties were introduced by Prodipta Bhattacharya, Managing Director at US Capital Global.
Rob Fawke at Gunnercooke acted for Shawbrook on the deal and James Killing and Josh Davison from DSW conducted the Financial Due Diligence on the deal.
Stewart Morgan, Managing Director of Premier Sealant Solutions, said: “This deal marks an exciting new stage in the evolution of our business. For over 20 years we have prided ourselves on producing high-quality goods for the UK’s biggest roofing manufacturers and contractors.
“Our approach and commitment to providing industry leading service, quality and knowledge has helped us become the nation’s leading supplier of core sealing products.
“I would like to extend my gratitude to the team at Shawbrook who offered unwavering support from day one and delivered a funding package unmatched in its speed and flexibility. We are very much looking forward to working with both Shawbrook and the team at Red Coast going forward to further propel our growth.”
Matthew Fannon, director of Corporate Lending at Shawbrook, said: “It was a real pleasure to work with Stewart, Omar and Youssuf on this deal and we are delighted to have been able to put together a strong funding package which will not only support Red Coast’s acquisition, but allow Premier to build on its already stellar record of growth.
“Premier is already an industry leader in the core sealing space and is led by an experienced management team with a clear vision and strong foundational commitments to providing excellent products. We look forward to working with them going forward.”
