Cairngorm acquires NYTimber to merge with Thornbridge

Kenny Wastell
16 February 2018

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Cairngorm Capital Partners has acquired North Yorkshire Timber (NYTimber), a UK timber merchant, to merge it with Scottish portfolio company Thornbridge Sawmills.

The deal comes three months after the GP acquired a majority stake in Grangemouth-based Thornbridge, marking the first transaction for Cairngorm Capital II, which closed in April 2017 on its hard-cap of £107.5m.

The consolidated group will have 15 branches across the north of England and Scotland, with a combined turnover of £50m and a headcount of 360.

As part of the deal, NYTimber's managing director Nick Kershaw will continue to lead the business and will join the board of the enlarged group.

PNC Business Credit provided bank facilities to support the transaction.

Company
Headquartered in Northallerton and founded in 1979, NYTimber distributes raw timber, woodwork tools, varnish, paint, and engineered wood products such as flooring, doors, decking, windows and stairs. It has a specialist roofing division, which designs and manufactures roof trusses, spandrel panels and insulated roof cassettes.

NYTimber operates from a design, manufacturing and distribution centre in Brompton-on-Swale and has seven branches across the north and north-east of England. It generates a turnover of £18m, according to a statement, and has a headcount of 200.

People
Cairngorm Capital Partners – Neil McGill (investment director).
Thornbridge Sawmills – Bruce Muirhead (managing director).
North Yorkshire Timber – Nick Kershaw (managing director).

Advisers
Equity – BDO (financial due diligence, tax); Addleshaw Goddard (legal); CIL (commercial due diligence); JLT (insurance due diligence); Clive Owen (financial due diligence).
Vendor – Ward Hadaway (legal).