Polyframe Group Limited, which is backed by Cairngorm Capital, has acquired The Window Bureau Limited, a UK-based maker of GRP composite doors, PVCu door infill panels and PVCu windows. No financial terms were disclosed.
London, 17 October 2016
Cairngorm Capital Partners LLP (Cairngorm Capital) is pleased to announce the acquisition of The Window Bureau Limited (WB Group) by Polyframe Group Limited (Polyframe).
Established in 1981, WB Group is a leading manufacturer of a range of GRP composite doors, PVCu door infill panels and PVCu windows, which it supplies to the UK trade sector. The company operates from a state-of-art 70,000 square foot production facility in Birtley, Co. Durham employing just over 100 people.
This is a proprietary, off-market transaction prompted by the retirement of WB Group’s founder and chairman, Kevin Craggs, and is the first since Cairngorm Capital supported the management led buy-out of Polyframe in July 2016. WB Group aligns perfectly with Polyframe’s stated strategic goal to be the market leading trade fabricator of high quality windows and doors, and this acquisition facilitates opportunities for further innovation and growth, by increasing manufacturing capability, strengthening product development and expanding Polyframe’s product range. WB’s attractive Virtuoso entry door range neatly complements Polyframe’s leading window range.
WB Group’s Managing Director, Tony Craggs, will join Polyframe’s senior management team to run the expanded door division, which will provide a comprehensive range of composite and PVCu doors from the expanded Birtley facility, as well as a specialist door service that will be based at Polyframe’s Mansfield facility.
Ian Macdougal, chief executive of Polyframe said, “The outlook for our industry is strong and extremely positive, particularly in the composite door sector. Our goal is to make Polyframe best in class by offering the broadest range of high quality windows and doors in the market place. The continued strategic support and this latest investment from Cairngorm Capital make this achievable.”
John Naylor-Leyland of Cairngorm Capital commented, “This sector is forecast to achieve double digit growth over the next 3 -5 years and Ian and his team have solid plans to capitalise on this. WB Group has an outstanding reputation in the industry for supplying high quality branded composite and PVCu doors, which together with the quality of its operations and the calibre of its staff made it the natural strategic partner to expand Polyframe’s leading window range. We are pleased to invest further in Polyframe, and are delighted to have the continued support of Clydesdale and Yorkshire Bank Group in providing funding for the acquisitions and organic growth that are so key to our strategy.“
Kevin Craggs, founder of WB Group added, “The coming together of WB Group and Polyframe represents our mutual commitment to become the leading supplier of windows, composite and panel doors to the UK installer market and is a logical progression for the strong business that Tony and I have developed over many years. I am confident that WB Group is in good hands and wish the enlarged group every success going forward.”
For more information, contact Katherine Ritchie on 020 8347 6183 or 07941 040021
Notes to editors
• Cairngorm Capital and Polyframe were advised on this transaction by PwC (financial and tax due diligence) and Bond Dickinson (legal). Clydesdale and Yorkshire Bank Group provided senior debt to support the transaction.
• Cairngorm Capital Partners LLP is a specialist private investment firm providing equity capital and management expertise to leading UK companies. It invests in well-performing, private mid-market growth companies in manufacturing, distribution and services industries. The firm’s goal is to build and realise value through growth and performance improvements. Cairngorm’s unique mix of sectoral expertise and investment skill enables it to be actively involved in the strategy and operational focus of a company, partnering with management teams to grow revenue, enhance margins, improve cash flow or consolidate industry leadership positions.
• Polyframe Group Limited – Established in 1992 in Halifax, Yorkshire, Polyframe is the UK’s largest independent fabricator and distributor of trade windows and doors. It operates four manufacturing facilities producing windows and composite doors for the installer market. Collectively Polyframe employs 470 staff across the UK.
• The Window Bureau Limited was formed in 1981 and has over 30 years’ experience in the manufacture and supply of PVCu windows and doors, GRP composite doors and PVCu door infill panels, including the highly regarded Virtuoso composite door range. It operates from a state-of-art 70,000 square foot production facility near Newcastle employing just over 100 people.