Cairngorm Capital Case Studies
Customade Group case study
Cairngorm Capital acquired leading PVCu window manufacturer Polyframe in July 2016. Three further proprietary investments over the following 9 months have created the UK’s largest window manufacturing group with a diverse product offering (PVCu, aluminium and composite entry doors) and a national footprint of 10 factories, led by a management team with deep industry expertise. With over £100m in revenues, Customade is now the nation’s premier multi-site, multi-product trade (B2B) fabricator of windows, doors and conservatories – meeting all trade customers’ needs
Acquisition of Polyframe Group – July 2016
Group: 4 sites; c.£44m revenues; 470 employees
Acquisition
Polyframe manufacturing (4 sites, 470 employees):
- UK’s largest independently-owned specialist fabricator of trade windows for repair, maintenance and improvement (i.e. replacement not new build) market, selling to trade installation companies and smaller tradesmen
- FY16 revenues of c.£44m
- Manufactures c.7,000 frames per week from 4 factories
- Key product is PVC windows (industry leader)
- Leading reputation for profile range, product quality and 5 day delivery
Location
Strategy
- Cairngorm Capital’s deep window and door industry experience both as investors and operators used to support continued growth and creation of multi-site market leader
- Introduction of management and infrastructure to extend profitable regional business to national presence
- Jon Gatfield, Cairngorm Capital Operating Partner, joins as Interim Managing Director
Acquisition of WB Group – October 2016
Group: 5 sites; c.£54m revenues; 570 employees
Acquisition
Polyframe Doors (formerly WB Group; 1 site, 100 employees):
- Leading manufacturer of composite doors (49% of revenue); other products are PVC door slabs and Duraflex PVC window frames
- FY16 Revenues in excess of £10m
- Composite Doors revenues growing strongly – and Virtuoso range will soon be offered to Customade / Polyframe customer bases
Location
Strategy
- Extend product offering to customers with Virtuoso composite entry door range – positioning the group advantageously in higher growth aesthetic products market
- Further capex investment to increase manufacturing capability, product development and expanded range
Acquisition of Manufacturing Assets of Stevenswood – November 2016
Group: 6 sites; c.£64m revenues; 700 employees
Acquisition
Stevenswood manufacturing (1 site, 100 employees):
- Well-invested 55,000 sq ft PVC window frame fabrication plant
- Currently producing c.1,500 frames per week
- FY16 Manufacturing Revenues: c.£10m
- Substantial capacity to increase production volumes, and expand manufacturing footprint
Location
Strategy
- Consolidate industry leading position with comprehensive PVC range and national UK reach
Acquisition and Merger with Customade Group – February 2017
Group: 10 sites; c.£100m+ revenues; 900+ employees
Acquisition
Customade (4 sites, 320 employees):
- Leading manufacturer of aluminium doors and windows; also manufactures PVCu frames
- Strong and experienced senior management team in place, with integration and synergy delivery experience – MD became Group CEO
- FY16 Revenues in excess of £35m
Location
Strategy
- Fourth proprietary acquisition identified and completed within 9 months
- Extend product offering to meet all customers’ fenestration needs (PVC, aluminium, doors)
- National coverage with 10 manufacturing sites
- Assembled deeply-experienced industry management team
