Cairngorm Capital Partners LLP announced a further investment in its Halifax-based trade window and door manufacturer Polyframe Group to facilitate Polyframe’s acquisition of Gloucester-based Customade Group.
Cairngorm said the enlarged group, with revenues of more than £100 million, will trade as Customade have a comprehensive product range across aluminium windows, composite entry doors and PVCu products.
It will operate nationwide with almost 900 employees across 10 manufacturing facilities from Scotland to the southwest of England.
Customade is a manufacturer of aluminium and PVCu windows, doors and conservatory roof products.
Following earlier investments in Polyframe, WB Group, and Stevenswood’s manufacturing facility, the Customade acquisition is Cairngorm Capital’s fourth proprietary, off-market transaction in the window and door manufacturing sector since July 2016.
“This latest investment is consistent with Cairngorm Capital’s strategy to invest in well-performing UK companies to support ambitious management teams in driving transformation, introduce new technology and manufacturing processes and extend geographic reach,” said Cairngorm.
Customade’s managing director John Lightowlers becomes group managing director of the enlarged firm and continues to hold a significant ownership stake.
David Moore, non-executive director of Polyframe, will become chairman of the enlarged group.
John Naylor-Leyland of Cairngorm Capital commented said: “We are delighted to invest further in Polyframe to facilitate this proprietary, off-market merger between Polyframe and Customade and to support the combined group’s plans for the future.
“John and his team have consistently demonstrated their ability to capitalise on emerging product and service trends.
“Customade has an outstanding reputation in the industry for supplying high-quality branded aluminium products, which together with the excellence of its operational capabilities and the calibre of its staff, make it the natural partner to enhance Polyframe’s leading PVCu window and composite door range.”
Polyframe and Cairngorm Capital were advised on the transaction by PwC (financial and tax), Livingstone (debt advisory) and Bond Dickinson (legal).
MidCap Financial, alongside Polyframe’s existing lender, Clydesdale and Yorkshire Bank Group, provided senior debt to support the transaction.