An Aberdeen manufacturer has secured private equity backing to support its next phase of growth and expansion.
Nu-Style Products, one of the UK's largest suppliers of laminate wall panel systems to the building and construction sectors, has received investment from LDC, part of Lloyds Banking Group.
The deal will enable the company to operate independently following its period under the ownership of the James Donaldson Group.
Founded in Aberdeen in 1947, Nu-Style designs and manufactures wall panel systems used primarily in commercial bathrooms and wet environments.
The business has grown in recent years by expanding its presence in England and developing its distribution network.
The new investment will support plans to increase manufacturing capacity at the company's Aberdeen facility, drive further organic growth and accelerate expansion into additional UK and international markets.
As part of the deal, LDC's Lee Donaldson and Peyman Atapour will join the board as non-executive directors, while Duncan Cooper will take on the role of non-executive chairman.
The investment comes as demand for wall panel systems continues to grow across the construction sector.
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Graham Cowie, chief executive of Nu-Style, said: "Partnering with LDC gives us the investment and operational support to build on the growth achieved to date and move forward with our expansion plans.
"Having them based here in Scotland is vital as they understand our local market and can work with us closely as we move through this next phase.
"I'm personally thrilled to be returning at such an exciting time for the business and I'm looking forward to building an even stronger future together with LDC.
"Their deep experience in supporting businesses in our sector to grow will be hugely valuable to us."
Lee Donaldson said: "Nu-Style is a brilliant business which has achieved strong growth in recent years, thanks to the quality of its products and its excellent customer service.
"We're seeing a structural shift in the market towards panels and Nu-Style is well positioned to capitalise on this opportunity."
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