Colinton Capital takes majority stake in Doors Plus
Doors Plus, the family-owned door retailer famous for its “Doors Plus, No Fuss” jingle, has agreed to sell an 80 per cent shareholding to mid-market private-equity firm Colinton Capital Partners. The $60 million deal is the first change of ownership in the company’s 35-year history.
Transaction snapshot
Deal value: $60 million
Deal multiples: Assumed 6.25x EBIT
Deal type: 80 per cent majority buy-out
Investors: Colinton Capital Partners (lead); iPartners (co-investment syndication)
Colinton is inviting clients of alternatives platform iPartners to co-invest, positioning the business as a play on Australia’s buoyant home-renovation market.
Doors Plus operates 22 showrooms and five distribution centres nationwide. Management forecast revenue above A$80 million and earnings of roughly A$12 million for FY-25, up from A$64 million sales and A$8.3 million profit last year. The new owners plan to open ten additional sites, refurbish existing stores and broaden the product range.
Real-estate adviser Colliers is concurrently marketing a sale-and-lease-back of eleven Doors Plus stores, with price expectations in the mid-A$30 million range. Expressions of interest closed in early June and negotiations are ongoing.
Founded in 1989 by the Tavner family in south-west Sydney, Doors Plus sells and installs doors across five states and the ACT. The founders will retain a 20 per cent stake and remain involved in the business.
Colinton manages about A$240 million and typically targets mid-market growth and buy-out opportunities. Current portfolio companies include Alexium International, Buildsafe and Clear Dynamics. The Doors Plus acquisition follows heightened private-equity activity in home-improvement brands, including Platinum Equity’s 2023 purchase of JELD-WEN Australasia and Quadrant’s recent merger of Amart and Freedom.
