Scunthorpe construction materials firm PremSeal bought out by new investment house

A Scunthorpe construction materials manufacturer has been bought out by an international investment house keen to expand operations.

Premier Sealant Systems has been acquired by recently-launched venture capital and private equity firm Red Coast Industries, from the two remaining founding directors, John Burns and Peter Duffy.

The company has produced profiled foam fillers and supplied core sealing products used in the roofing, cladding, glazing, coldstore and maintenance sectors since it launched in 1994. It has forged strong working relationships with the nation’s largest roofing manufacturers and contractors, with the 30-strong team – led by managing director Stewart Morgan for the past five years – having delivered a strong period of growth.

Read more: Chassis shortage put the brakes on Auto-Trail’s ambition

The undisclosed deal has been backed by specialist bank Shawbrook, with working capital provided alongside acquisition funding to maintain the upward trajectory of the Foxhills Industrial Park business.

Mr Morgan 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.

Premier Sealants’ premises at Mercia Way on Foxhills Industrial Park, Scunthorpe.(Image: Google Maps)

“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.”