Polyframe completes first acquisition since PE-backed MBO
POLYFRAME GROUP, the Halifax-based manufacturer and distributor of trade windows and doors, has acquired The Window Bureau (WB Group).
It marked its first deal since Cairngorm Capital supported its management led buy-out in July.
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 sq ft production facility in Birtley, Co. Durham employing just over 100 people.
The off-market transaction was 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.
Polyframe said that WB Group aligns with its stated strategic goal to be the market leading trade fabricator of high quality windows and doors, and that the acquisition facilitates opportunities for further innovation and growth by increasing manufacturing capability, strengthening product development and expanding Polyframe’s product 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 added: “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, said: “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.”
Cairngorm Capital and Polyframe were advised on the transaction by PwC (financial and tax due diligence) and Bond Dickinson (legal). Clydesdale and Yorkshire Bank Group provided senior debt to support the transaction.
