Cairngorm buys Arnold Laver, creates National Timber Group

As part of the deal, Arnold Laver's existing shareholders will retain ownership of their existing associated property and leisure assets.

The development comes four months after the GP acquired Rembrand, nine months after it acquired North Yorkshire Timber and a year after it acquired a majority stake in Thornbridge. The Thornbridge investment marked the first transaction for Cairngorm Capital II, which closed in April 2017 on its hard-cap of £107.5m.

According to a statement, the newly consolidated group will generate a combined turnover of £250m, with 1,300 employees and 52 sites.

PNC Business Credit and HSBC provided bank facilities to support the transaction.

Company
Founded in 1920 and headquartered in Sheffield, Arnold Laver imports, distributes and manufactures timber, panels, decorative surfaces and joinery products for the public and private construction sectors. It has served as a supplier for large-scale construction and infrastructure projects including the 2012 Olympics, Hinkley Point Power Station, HS2 and the Thames Tideway.

The business generates a turnover of around £130m, according to a statement, and operates from 13 distribution and processing depots across the UK. Arnold Laver has a headcount of 750.

People
Cairngorm Capital Partners – Neil McGill (investment director).
The National Timber Group – Rob Barclay (CEO).

Advisers
Equity – PwC (corporate finance, tax); Addleshaw Goddard (legal); CIL (commercial due diligence); JLT (insurance due diligence).
Company (Arnold Laver) – Rothschild (corporate finance); DLA Piper (legal).

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Cairngorm Capital
• Build-up
• PwC
• Addleshaw Goddard
• Rothschild
• DLA Piper
• HSBC