Gresham backs the management buy-out of Just Trays

Gresham Private Equity, the UK mid market private equity specialist, today announces that it has backed the management buy-out of Just Trays, the UK’s leading manufacturer of shower trays.

Just Trays, which operates from 2 sites in Leeds, has an estimated 20% share of the UK shower tray market, a market which is an increasingly important component of the overall bathroom market as design and innovation take centre-stage.

Just Trays has a strong brand and reputation within the installer base (predominantly plumbers and builders) where trays are selected for their quality, design and durability. The business is viewed as the innovator in the market having pioneered two of the concepts which have become the industry norm for the shower trays market; the acrylic capped tray and the adjustable legs for easier installation, as well as being responsible for several other innovative features.

Just Trays’ strategy is to continue to grow its market share by introducing further innovative products to the market. A recent example of this is the successful launch of its new, extremely low profile tray, the JT40, the first of its kind aimed at the higher-end shower-tray market.

The management buy out is being led by Paul Crossley, the current Managing Director. Gresham have complemented the team with the introduction of Ian Stuart as Chairman. Ian has an extensive background in the building products industry, he is currently Chairman of Aqualisa and his previous roles include Chief Executive of Heywood Williams plc and Caradon Plumbing.

Paul Franks, Investment Director at Gresham Private Equity comments: “We are delighted to support the incumbent management team, supplemented by the addition of Ian Stuart, in developing their business further. The building products market was tough in 2005 with 2006 improving; those that have and will continue to prosper are the innovative customer-facing businesses. Just Trays is exactly that.”

Paul Crossley, Managing Director of Just Trays, comments: “We are delighted to have the support of Gresham Private Equity. This is an exciting time for our company with the recent launch of our low-profile shower tray and other new product development in the pipeline. The new funding will enable us to make further improvements in our business and improve the range of products and services to our customers.”

Matt Upton, Ernst & Young’s Birmingham-based M&A partner, said: "Gresham, with the help of local and sector focused advisers, are backing a very strong management team and a market leading business with a reputation for product innovation and customer service. What is also significant about the deal is that it highlights the strength of Birmingham’s advisory offering in attracting work from outside the region. It was real team effort.”

This represents the 13th investment from the Gresham III fund. Previous Gresham industrial products deals include Minivator, Olaer, Altair and Page Aerospace.