Private equity investment supports MBO at £50m firm

A MANAGEMENT buyout at Halifax manufacturer Polyframe has been supported by a London private equity investor.

Cairngorm Capital has made a majority investment in the Polyframe Group, a West Yorkshire company which is set to turn over £50m this year.

Polyframe has 12 trade centres and four manufacturing facilities with 470 staff across its UK operations.

The acquisition was led by Polyframe chief executive Ian Macdougal, following the retirement of founder and chairman Martyn Buckley, who launched the business in 1992.

Mr Macdougal was joined by Polyframe directors Jeremy Stott, Peter Dyson, David Eagle, and Nick Summers.

Oliver Robinson, a Cairngorm Capital operating partner, is joining the team as interim chief operating officer, whilst newly-appointed chairman James Faulds will represent Cairngorm Capital on the board.

Mr 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.”

Cairngorm Capital’s investment was led by Andrew Steel, managing partner, who added:
“Polyframe is a superb business with exciting growth opportunities and a strong management team. Our involvement will allow Ian and his team to introduce a range of measures that will enhance the quality of the Polyframe’s services, extend its product range and ultimately benefit customers and suppliers.”

Martyn Buckley, founder of Polyframe commented, “Having built my company to become the industry leader over the past twenty-five 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.”