Cairngorm Capital acquires Stevenswood

Established in 1997 and headquartered in Livingston, Stevenswood Limited (Stevenswood) is the largest distributor of windows and doors in Scotland. It operates a network of 15 trade centres across Scotland, supplying a full range of windows, doors and kitchens to the installer market. Cairngorm Capital has partnered with founder managers Ron Hepburn and Duncan Murray in acquiring the business from the Business Growth Fund. Ron and Duncan will continue to lead the business, while John Declerck, Alex Bayliss and Andrew Steel will join the Board.

As part of this transaction, Polyframe Group Limited (Polyframe), another Cairngorm Capital portfolio company, has sold its network of 11 trade centres to Stevenswood and has acquired the 55,000 sq. ft. manufacturing site in Livingston from Stevenswood. These two transactions allow each business to focus on its plans to become respectively, the manufacturing and distribution leaders in their markets.

Polyframe now has six manufacturing facilities around the UK and employs 700 staff. Stevenswood employs around 140 staff across its 26 locations. Both companies are seeking further bolt-on acquisitions as part of their growth strategies.

Following our earlier investments in Polyframe and WB Group, the Stevenswood acquisition is Cairngorm Capital’s third proprietary transaction this year. We are actively seeking further acquisition opportunities in profitable companies that require a boost to achieve the next stage of growth. Typically, we invest in companies that have the following attributes:

• private, UK-headquartered businesses earning operating profits (EBIT) of £2-20m in manufacturing, distribution and services industries
• leading trade or consumer brands that attract highly loyal, recurring customers
• firms that can weather economic volatility, have shown consistent historical growth and have significant future growth prospects

A priority is the quality and success of the management team, as we build and realize value through growth and operating improvements, not through financial engineering. We have particular expertise in investing in closely-held and family-controlled businesses.

We are happy to engage in confidential exploratory discussions. If you advise or are aware of a company that you believe might meet our criteria, please call us or send an email, using the contact details below:

Alex Bayliss

Investment Director

0207 969 1415


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