When Whitecroft plc was being wound up, Graphite offered to buy the entire group to get hold of Leaderflush and Shapland, its most valuable asset and the UK’s largest performance door manufacturer.

LS was eventually carved out of Whitecroft and in September 1999 Graphite backed the management team in a buy-out. The company had been formed from the acquisition of Shapland by Leaderflush in February 1998 and had three factories. It enjoyed strong relationships with large construction companies and contractors.

Whitecroft was a forced seller and we were able to complete the transaction quickly, while accommodating the vendor's main sale conditions. The management team of six directors was highly experienced in the industry and proved instrumental in negotiating an attractive transaction. LS Group’s market was set to benefit from the Government’s strong promotion of PFI and increased public-sector spending.