Nu-Style Products, one of the UK’s largest suppliers of laminate wall panel systems, has secured investment from private equity firm LDC, part of Lloyds Banking Group, as it transitions to an independent business following its ownership by the James Donaldson Group.
Founded in 1947 and headquartered in Aberdeen, Nu-Style designs, manufactures and supplies high-quality laminate wall panels from its facility in Bridge of Don Industrial Estate. Its flagship Perform Panel range is widely used in bathrooms and wet environments across both public and private sector commercial settings, with customers including major UK building merchants.
Since becoming part of the James Donaldson Group in 2016, Nu-Style has made significant investments in manufacturing, product development and distribution, driving sustained growth as the market shifts from traditional tiling to panel systems. The company has increased revenues by approximately 23% over the past three years.
Expansion beyond Scotland has been a key focus, with the opening of a Birmingham depot in 2022 marking its first location outside its home market. The business now operates six distribution centres across the UK, most recently adding a site in Welwyn Garden City in March 2026 to strengthen its presence in London and the South East.
The new investment will support further organic growth, increased manufacturing capacity at its Aberdeen base, and continued expansion across England and into international markets.
LDC is backing the existing management team, led by returning CEO Graham Cowie and Managing Director Stephen Murray. Cowie previously led the business between 2010 and 2016, overseeing a 260% increase in revenue during his tenure.
As part of the deal, LDC Investment Director Lee Donaldson and Investment Manager Peyman Atapour will join the board as Non-Executive Directors, alongside Duncan Cooper, who joins as Non-Executive Chairman.
Graham Cowie, CEO of Nu-Style, said: “Partnering with LDC gives us the investment and operational support to build on the growth achieved to date and move forward with our expansion plans. Having them based here in Scotland is vital as they understand our local market and can work with us closely as we move through this next phase.
“I’m personally thrilled to be returning at such an exciting time for the business and I’m looking forward to building an even stronger future together with LDC. Their deep experience in supporting businesses in our sector to grow will be hugely valuable to us.”
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Lee Donaldson, Investment Director at LDC, added: “Nu-Style is a brilliant business which has achieved strong growth in recent years, thanks to the quality of its products and its excellent customer service. We’re seeing a structural shift in the market towards panels and Nu-Style is well positioned to capitalise on this opportunity. We’re very pleased to be supporting Graham, Stephen and the team as they embark on this next chapter.”
Over the past decade, LDC has invested £609m into 32 industrial businesses with a combined enterprise value of £1.9bn, including bathroom specialist Aqualisa, compliance firm IDSL Group and engineering business ELE Advanced Technologies.
LDC was advised by RSM on corporate finance and Burness Paul on legal matters. Banking facilities for the transaction were provided by Virgin Money.
