Graphite Capital sells Performance Timber to trade

Harriet Matthews
24 June 2021

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Graphite Capital has sold its stake in Performance Timber Products Group (PTPG) to Sweden-based Bergs Timber for SEK 140m (тЌ13.8m).

The business will continue to operate independently as a subsidiary of Bergs, according to a statement.

PTPG is a long-term supplier to Berg, the company said in a statement, via its Byko-Lat subsidiary in Latvia.

Graphite Capital invested in PTPG (then known as Performance Window Group) in 2009. At the time, the GP was deploying equity via Graphite Capital Partners VII, which held a final close in May 2007 on £475m. The vehicle invested in UK-based companies with enterprise values of £20-200m, investing tickets of £10-60m. The fund was 91% deployed as of September 2018, according to Unquote Data.

PTPG acquired timber windows and doors business Timberwindows.com following the GP's investment, and later bolted on timber windows supplier Dale in 2010. The GP invested in the company's manufacturing and distribution capabilities, according to its website.

The deal is Graphite Capital's second exit of 2021, according to Unquote Data. The GP sold its stake in workforce management and analytics software Cognito to trade buyer TotalMobile in March 2021.

U-Pol, an automotive refinishing products specialist that Graphite has owned since 2010, is also up for sale, according to Unquote sister publication Mergermarket. Baird has been hired to run a process based on EBITDA of £22m, according to Mergermarket.

Company
PTPG sells bespoke and retail timber doors and windows. It has 43 showrooms in the UK and is headquartered in Tiptree in Essex. The company was originally formed as Performance Windows Group in 2006 by manager Roy Wakeman, with the aim of using the company as a holding company for acquisitions, according to Unquote Data.

PTPG posted sales of £22m in 2020, versus 2008 revenues of £10.6m at the time of Graphite's investment. According to its latest accounts, the company posted revenues of £24.9m in 2019, compared with £22.6m in 2018.

People
Performance Timber Products Group – Jay Pengelly (CEO).
Graphite Capital – Markus Golser, Andy Gray (managing partners).
Bergs Timber – Peter Nilsson (CEO).