News
Nu-Style eyes next phase of growth with LDC investment
22 Jun 2026
Nu-Style Products (Nu-Style), one of the UK’s largest suppliers of laminate wall panel systems to the building and construction sectors, has secured investment from private equity investor LDC, part of Lloyds Banking Group, enabling the business to move forward as an independent company following its ownership by James Donaldson Group since 2016.
Founded in 1947 and based in Aberdeen, Nu-Style designs, manufactures and supplies a wide range of high-quality laminate wall panels from its Bridge of Don Industrial Estate facility. Its core product, Perform Panel, is mainly used in bathrooms and wet environments in commercial settings across the public and private sector, and its customers include major UK building merchants.
Since joining the James Donaldson Group in 2016, Nu-Style has invested significantly in its manufacturing capability, product development and distribution network, supporting a sustained period of growth driven by the increasing adoption of panels over tiles. Since opening a depot in Birmingham in 2022, its first outside Scotland, Nu-Style has expanded to six UK distribution centres, with its latest opening in Welwyn Garden City in March 2026, strengthening its reach into the London and South East markets. It has increased revenue by c.23% over the last three years.
LDC is backing Nu-Style’s management team, led by returning CEO Graham Cowie and Managing Director Stephen Murray. Graham Cowie previously led the business between 2010 and 2016, during which time revenue grew by 260%. The investment will support continued organic growth, increased manufacturing capacity at its Aberdeen site, and further expansion into England and international markets.
The transaction was led by LDC Investment Director Lee Donaldson and Investment Manager Peyman Atapour, with support from VCP Director, Lizzie Meadowcroft. Lee and Peyman will join the board as Non-Executive Directors, alongside Duncan Cooper who joins as Non-Executive Chairman, bringing a wealth of experience supporting the growth of companies in the manufacturing and engineering sectors.
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."
Graham continues: “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.”
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.”
In the last decade, LDC has invested £609m into 32 industrials businesses, with a combined enterprise value of £1.9bn. Its experience in supporting management teams in the sector to grow their businesses extends across the UK and includes its investments in bathroom specialist Aqualisa, TIC and compliance business IDSL Group and specialist components manufacturer, ELE Advanced Technologies.
LDC was advised by RSM (corporate finance) and Burness Paull (legals).
Banking facilities were provided by Virgin Money.