Mon, 11 Jul 2016 | MBO/MBI
A window and door manufacturer and distributor based in West Yorkshire has been acquired in a private equity-backed management buyout (MBO).
The Polyframe Group, which is one of the UK's leading independent manufacturers and distributors of windows and doors for trade, has been acquired by a senior management team following a significant majority investment by the Cairngorm Capital firm.
Established in 1992 and initially working out of one site in Halifax, the Polyframe Group has since expanded to 12 separate trade centres across the UK, employing some 470 staff along the way. The company predicts that it will produce revenues in excess of £50 million this year alone.
The MBO was led by chief executive Ian Macdougal after founder and company chairperson Martyn Buckley announced his retirement from the Polyframe Group. My Macdougal was backed by four Polyframe Group directors: Peter Dyson, David Eagle, Jeremy Stott and Nick Summers.
In addition to its majority stake in the company, private equity group Cairngorm Capital will install its operating partner Oliver Robinson as an interim chief operating officer, while James Faulds will oversee the company’s financial interests and strategic vision from his new position as chairperson.
New chief executive Ian Macdougal said: "We are really excited to be partnering with the team at Cairngorm Capital. They have invaluable experience in the window and door market, both operationally and as investors, upon which we are keen to capitalise."
Martyn Buckley, the now retired founder and chairperson of the Polyframe Group, said: "Having built my company to become the industry leader over the past 25 years, it is pleasing to pass it on to such a strong management team.
"The team at Cairngorm Capital has demonstrated flexibility, integrity and determination in completing this investment despite the turbulent financial markets following the Brexit vote.”
For more information, see the Business Sale Report resources on buying a business.
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