Investment group Lupus Capital buys division, which manufacturers components for doors and windows

Laird has sold its building products division to investment group Lupus Capital for £242m

Laird Security Systems manufactures doors and windows hardware for the residential building and home improvement markets.

Last year, LSS made operating profits after charges of £27.8m, but the parent company has decided to sell it to focus on its electronics and technology division.

Lupus Capital is an investment group specialising in industrial acquisitions. Last year it bought Schlegel Building Products, a manufacturer of door and window seals.

Greg Hutchings, executive chairman of Lupus Capital, said: “The acquisition is entirely in line with our strategy of acquiring companies operating in industrial manufacturing, processes or services, and is a significant step in creating a successful growing international business.”

The divestment of LSS comes as Laird announced record pre-tax profits of £73m with turnover increasing by 24% to £608m.