Our Investments


Customade Group acquired by Cairngorm Capital and Polyframe Group Limited in 2017

Established in 1980, Customade is a specialist manufacturer of high-quality aluminium and PVCu windows, doors and conservatory roof products. Best known for its proprietary and market-leading REAL, Atlas and Fineline aluminium brands, the company operates from 100,000 square foot, state-of-the-art production and storage facilities near Gloucester, employing 320 people. In 2016 it achieved turnover in excess of £35 million.

Customade will merge with Cairngorm Capital’s portfolio company, Polyframe Group Limited (Polyframe), to create the UK’s largest independent trade windows and door manufacturer. Customade’s market-leading and proprietary products perfectly complement, expand and differentiate Polyframe’s product offering.

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, as well as extending geographic reach.

Cairngorm Capital’s investment, from its debut fund Cairngorm Capital Partners I LP, is representative of its ethos of actively partnering with management teams to provide operational expertise as well as financial support to accelerate growth in industry leading companies.

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For more information on the transaction, please see the Customade Group acquisition press release.
You can also download the pdf version of the press release here: Cairngorm Capital Press Release 15.02.2017 pdf


WB Group acquired by Cairngorm Capital and Polyframe Group Limited in 2016

Established in 1981, The Window Bureau Limited (WB Group) is a leading manufacturer of a proprietary range of GRP composite doors and PVCu door infill panels, which it supplies to the UK trade sector. The company operates from a 70,000 square foot production facility in Birtley, Co. Durham employing over 100 staff.

WB Group is Polyframe’s first acquisition following its management led buy-out in July 2016 and is a proprietary, off-market transaction, prompted by the retirement of its founder Kevin Craggs. Cairngorm Capital has been working with Polyframe’s management team to identify opportunities to capitalise on strong growth expected for the window & door industry over the next several years.

This acquisition aligns perfectly with Polyframe’s stated strategic goal to be the market leading trade fabricator of high quality window and doors. WB’s attractive Virtuoso entry door range neatly complements Polyframe’s leading window range. Importantly, the WB acquisition helps to accelerate Polyframe’s growth, by increasing manufacturing capability, strengthening product development and expanding Polyframe’s product range.

Cairngorm Capital’s investment, from its debut fund Cairngorm Capital Partners I LP, is representative of its ethos of actively partnering with management teams to provide operational expertise as well as financial support to accelerate growth in industry leading companies.

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For more information on the transaction, please see the WB Group acquisition press release.
You can also download the pdf version of the press release here: Cairngorm Capital Press Release 07.10.2016 pdf


Polyframe Group Limited acquired by Cairngorm Capital and management team in 2016

Established in 1992 in Halifax, Yorkshire, Polyframe is the UK’s largest independent manufacturer and distributor of trade windows and doors. It operates four manufacturing facilities producing windows and composite doors for the installer market and has 12 trade centres distributing its products to smaller builders or local tradesmen. Collectively Polyframe employs 470 staff across the UK and will generate revenues in excess of £50m in 2016.

As the leading competitor in its market with attractive growth opportunities and a highly capable management team, Polyframe is an excellent example of the sort of business in which Cairngorm Capital likes to invest.

Cairngorm Capital partnered with Polyframe’s executive team to acquire the group of companies, an opportunity that was prompted by the retirement of founder and Chairman, Martyn Buckley. Cairngorm Capital is also providing funding to support investment in new equipment and capacity expansion to accelerate future growth.

Cairngorm Capital’s investment is a proprietary, off-market transaction and is the first equity investment for Cairngorm Capital from its debut fund Cairngorm Capital Partners I LP. The investment is representative of Cairngorm Capital’s ethos of actively partnering with management teams to provide operational expertise as well as financial support.

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For more information on the transaction, please see the Polyframe acquisition press release.
You can also download the pdf version of the press release here: Cairngorm Capital Press Release 08.07.2016 pdf