Cairngorm aiming for third fundraise in 2019

Speaking to Unquote sister publication Mergermarket, founder and managing partner Andrew Steel said that Cairngorm was likely to hit the trail in the new year, with a potential target of "a couple of hundred million pounds". The firm would look to attract a similar set of investors that it did for its previous efforts.

Cairngorm has around £50m left in its current vehicle to acquire two to three platform businesses as it readies for its next fundraise, Steel added.

Cairngorm targets UK-based SMEs, investing £20-30m in equity per platform business. It closed its maiden fund on its target of £50m in 2015, shortly after being founded by ex-HIG exec Steel. Less than two years later, Cairngorm held a final close for its second fund on its £107.5m hard-cap. Acanthus Advisers acted as placement agent for Cairngorm Capital II.

Shortly before closing the second fund, Cairngorm's first vehicle also secured an increase of 40% in committed capital from its LPs, bringing its total amount of committed capital to £73.5m, to enable the GP to provide acquisition funding to portfolio companies.

Cairngorm most recently acquired UK-based building materials specialist Parker Building Supplies earlier this year – this was the 13th proprietary transaction for Cairngorm since July 2016. Another platform acquisition inked this year was MJ Wilson Group, a UK-based distributor of industrial components.

To view a full spotlight on Cairngorm published by Unquote sister publication Mergermarket, click here

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