Cairngorm's Stevenswood bolts on Truemans

The bolt-on will enable the Scotland-based company to expand its trade counter presence in the English market.

It is the fifth investment by the GP, with capital drawn from its £50m 2016-vintage debut fund.

Following the transaction, Stevenswood non-executive director John Declerck has been appointed CEO of the consolidated group, with the company's founder Ron Hepburn stepping down. It has also appointed Jim Faulds, founder of The Faulds Group, as non-executive chairperson.

Previous funding
Cairngorm acquired a majority stake in Stevenswood (at the time known as Polyframe) as part of a management buyout in its maiden deal in mid-2016.

Polyframe later acquired WB Group in October 2016 and Stevenswood the following month, before rebranding. It subsequently bolted on Customade Group in February 2017.

Company
Founded in 1997, Truemans distributes windows, doors, conservatories and related installation products. The business has four trade counters in Burnley, Doncaster, Sheffield and Crewe, with a fifth opening in Reading during spring 2017.

It has a headcount of 41 and is forecasting revenues of £10m in 2017, according to a statement issued by the GP.

People
Cairgorm Capital – Alex Bayliss (investment director); Jon Gatfield (partner).

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• Topics
• Expansion
• UK / Ireland
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• United Kingdom
• Build-up