The UK's largest privately owned architectural hardware manufacturer has acquired one of its rivals.
Bloxwich-based Paddock Fabrications has bought the entire share capital of Wolverhampton company Millenco Hardware for an undisclosed sum.
The deal was funded by debt provided by HSBC and Black Country law firm George Green was one of the advisers.
Both companies supply door and window hardware to customers throughout the UK. They have a combined annual turnover of £30 million and employ more than 375 people at sites across the West Midlands.
According to Paddock Fabrications' managing director Richard Harvey, the acquisition of Millenco will allow the company to compete better with products coming from the Far East.
Paddock Fabrications was started by Mr Harvey in 1978, supplying, exterior door hardware, multipoint locks, letter plates, hinges and accessories to major UK suppliers. In 2001, it acquired Willenhall-based competitor Willenhall Engineering.
George Green corporate finance partner Richard Cliff advised Paddock Fabrications on the structure of the deal, all legal aspects of the transfer of shares, and helped to arrange the funding.