Based in Blackburn, AluFold is a fabricator of premium aluminium residential and commercial building products including bi-fold and sliding doors, windows and roof lanterns. Since its founding in 2013 by Craig Miller and his wife Lorraine, AluFold has grown rapidly, now with over 100 employees based at its purpose-built manufacturing facility.
Having delivered consistent growth in excess of 25% in each of the last 3 years, revenue and EBITDA is forecast to exceed £12million and £2million respectively in 2019, driven by increased demand for aluminium within the home improvement market. Over the next three years, AluFold plans to expand its capacity further and invest in an additional site to meet the high levels of demand for its products.
In a transaction that sees Craig Miller continue as Managing Director and Chairman of AluFold, the deal represents Literacy Capital’s eleventh platform investment since inception of the fund in September 2017.
Paul Pindar, Chairman and co-founder of Literacy Capital said: “We are delighted to complete our investment in AluFold Direct. Craig and Lorraine Miller have done a fantastic job founding and growing the business to its current size and we are excited to be working with Craig and the team to take advantage of the growing market amid increasing popularity for aluminium products across the country.”
Craig Miller, Chairman and Managing Director at AluFold Direct, said: “We’re excited to welcome Literacy Capital as our investor in AluFold. We look forward to benefiting from their experience to assist continuing to grow the business as we focus on broadening our product range and expanding capacity, taking full advantage of the market opportunity at hand.”
Commenting on the deal, Andrew Barlow of Sentio, added: “From the first discussion we had with Literacy, it was clear that there was a strong cultural and strategic fit with AluFold. The investment is a fitting reward for Craig and Lorraine, who have built an outstanding business with significant potential for future growth.”