Cairngorm's Polyframe acquires Customade

Cairngorm provided further funding to finance the acquisition, which was sourced off-market. The enlarged group will generate revenues in excess of £100m.

Previous funding
Cairngorm acquired a majority stake in Polyframe, a UK manufacturer of windows and doors, as part of a management buyout in its maiden deal in mid-2016. The GP was founded by former HIG Capital executive Andrew Steel and closed its maiden fund in August 2015 on its £50m target.

Polyframe later acquired WB Group in October 2016.

Company
Founded in 1980, Customade is a UK-based manufacturer of aluminium and PVC windows, doors and roofs. The company is based near Gloucester and employs 320 people, generating a turnover of around £35m.

People
Cairgorm Capital – John Naylor-Leyland (investment director); Jon Gatfield (partner).
Customade Group – John Lightowlers (group managing director).

Advisers
Acquirer – PwC (financial due diligence, tax); Livingstone Partners (debt advisory); Bond Dickinson (legal).

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• Topics
• Expansion
• Industrials
• UK / Ireland
• United Kingdom
• Acquisition finance
• Build-up