Cairngorm-backed Polyframe bolts on WB Group

Cairngorm provided additional capital for the acquisition, which was also supported by a senior debt package from Clydesdale and Yorkshire Bank.

The acquisition was a proprietary, off-market transaction prompted by the retirement of WB's founder Kevin Craggs. It represents the company's first bolt-on under the GP's tenure and comes three months after Cairngorm supported the management buyout of the business.

Polyframe anticipates the deal will increase its manufacturing capabilities, strengthen product development and expand its product range. While Polyframe primarily focuses on windows, WB has more expertise in the production of doors. WB's managing director Tony Craggs will join Polyframe's senior management team to run the expanded door division.

Previous funding
Cairngorm acquired a majority stake in Polyframe via a management buyout in July 2016, which represented the GP's maiden deal. The private equity firm closed its debut fund Cairngorm Capital I on £50m in September 2015.

Company
Established in 1981, WB is a manufacturer of doors, door infill panels and windows, which it supplies to the UK trade sector. The company operates from a production facility in Birtley, Durham, and employs 100 people.

People
Cairngorm Capital – John Naylor-Leyland (investment director).
WB Group – Tony Craggs (managing director).
Polyframe Group – Ian Macdougal (CEO).

Advisers
Equity – PwC (financial due diligence, tax); Bond Dickinson (legal).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Acquisition finance