Trade counters group advances growth plan with acquisition
A trade counter group supplying windows, doors and conservatory roofs to the trade has been acquired as part of a new deal.
Established in 2006, Sameday Trade Frames operates a network of seven counters in the west of England, from Bristol to Reading – including one in Bromsgrove.
The group has been acquired by Stevenswood Trade Counters, a portfolio company of Cairngorm Capital Partners.
Cairngorm said the deal accelerated Stevenswood’s growth strategy, which is aimed at developing 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.
As part of the deal, Sameday managing director, Mike Woodend, will join the Stevenswood senior management team.
The transaction was led by Alex Bayliss, investment director at Cairngorm, 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.”
John Declerck, group chief executive of Stevenswood, added: “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.”
Stevenswood and Cairngorm Capital were advised on the 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.
The deal is Cairngorm’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.