Cairngorm acquires Rembrand to merge with Thornbridge

The development comes five months after the GP acquired North Yorkshire Timber to merge it with Grangemouth-based Thornbridge. It also comes eight months after Cairngorm acquired a majority stake in 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 35 branches across the north of England and Scotland with a combined turnover of more than £100m, and a headcount of around 600. Thornbridge previously had 15 branches generating a combined £50m prior to the deal.

The deal will enable Rembrand managing director and sole owner George Low to retire, and will also see Thornbridge managing director Bruce Muirhead step back from the day-to-day running of the business to take on a non-executive role. Muirhead had agreed to remain with the business following Cairngorm's initial investment to facilitate the transition. The business has appointed SIG managing director Rob Barclay as CEO of the consolidated group.

Company
Founded in 1982, Dundee-headquartered Rembrand imports, manufactures and distributes timber. It has two manufacturing facilities and 20 branches, supplying customers in the construction industry. The business also supplies roofing, insulation and other building materials through its subsidiaries Scotia Roofing, Glow Insulation & Site Supplies and Rembrand Builders Merchants.

People
Cairngorm Capital Partners – Neil McGill (investment director).
Thornbridge Sawmills – Bruce Muirhead (managing director).

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