Stevenswood Trade Centres Ltd, a portfolio company of Cairngorm Capital Partners LLP, has acquired Sameday Holdings Ltd. Financial terms weren’t announced. Sameday operates a network of seven counters in the west of England, distributing windows, doors and conservatory roofs to the installer market. Clydesdale and Yorkshire Bank Group provided working capital facilities. PwC provided financial and tax advice to Stevenswood and Cairngorm Capital, while Bond Dickinson acted as their attorney. Napthens provided legal advice to Sameday.
Cairngorm Capital Partners LLP (Cairngorm Capital) is pleased to announce that its portfolio company Stevenswood Trade Centres Limited (Stevenswood) has acquired Sameday Holdings Limited (Sameday). This transaction, which is highly geographically complementary, accelerates Stevenswood’s strategy to develop a national network of trade counters. The new combined group will continue to be headquarted in Livingston and will have 37 branches across the UK, generating revenues of over £45m and employing over 180 people.
Established in 2006, Sameday operates a network of seven counters in the west of England, from Bristol to Reading, distributing windows, doors and conservatory roofs to the installer market and employing 20 people. Sameday Managing Director, Mike Woodend, will join the Stevenswood senior management team to support the company’s continued growth strategy.
This transaction was led by Alex Bayliss, Investment Director at Cairngorm Capital, who said, “Stevenswood is an excellent example of the sort of business in which we like to invest – it has attractive growth opportunities and a highly effective management team. Consequently, we are delighted to help Stevenswood progress its plans to become the UK’s leading distributor of windows and doors to the trade, and support this proprietary, off-market transaction between Stevenswood and Sameday.“
John Declerck, Group Chief Executive of Stevenswood said, “Our goal is to increase our network of trade centres over the next five years, to become the leading trade counter distributor in the UK. We aim to achieve this through a mix of acquisition, new sites and organic growth. Sameday Trade Frames completes a gap in our offering and takes us one step closer to achieving this, while providing the widest product range and highest levels of customer service in the industry.”
This is Cairngorm Capital’s eighth proprietary, off-market transaction since July 2016 and is representative of its strategy of investing in well-performing UK companies and supporting ambitious management teams in their drive for transformation.
With committed equity capital in excess of £180 million, Cairngorm Capital is poised to capitalise on investment opportunities in the services, distribution and manufacturing sectors. Cairngorm Capital invests in well-performing, UK headquartered, mid-market companies, earning operating profit of £2 million – £20 million. It is interested in 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 Cairngorm Capital builds and realises value through growth and operating improvements, not through financial engineering.
Stevenswood and Cairngorm Capital were advised on this transaction by PwC (financial and tax) and Bond Dickinson (legal). Sameday was advised by Napthens (legal). Clydesdale and Yorkshire Bank Group provided working capital facilities to support the combined group.
For further information, please contact Katherine Ritchie on 020 8347 6183 or 07941 040021