BVCA Awards

Accolade recognises Stevenswood’s growth

Ron HepburnStevenswood – one of Scotland’s largest manufacturers of PVCu and aluminium windows, doors, conservatories and rigid built kitchens – has received an accolade in recognition of its “rapid and profitable growth”, which has included doubling its headcount over the past 12 months.

The Livingston-based business was the joint winner in the mid-market team category at the 2016 British Private Equity & Venture Capital Association’s (BVCA’s) Management Team Awards.

Stevenswood, which was founded in 1997 by managing director Ron Hepburn, has doubled its headcount since July 2015 to 182 staff and has opened a further nine trade counters in that time, taking its total to 15.

The expansion has been funded by BGF (Business Growth Fund), the independent growth capital investor setup to provide funding and support to Britain’s small and medium-sized businesses.

BGF invested £3.5m in Stevenswood in February 2015, which fuelled the growth of the company’s trade counter network and has also allowed it to expand its factory for manufacturing kitchen units.

The BVCA judges said: “Ron Hepburn and his team are achieving rapid and profitable growth in what is a mature, tough and competitive sector. 

“Their results are testament to excellence in both product quality and customer service.”

Ron Hepburn (pictured), managing director at Stevenswood, said: “I’m absolutely thrilled that our team has won this fantastic award, which recognises the hard work of staff throughout the business.

“Having BGF on board as an investor has allowed us to expand our business much more quickly than we could have done on our own.

“As well as providing the growth capital that we needed, BGF has also offered us advice and expertise, which has been really valuable.

“Now that our network of trade counters is growing profitably in Scotland, we’re also starting to look at opportunities south of the Border.”

When BGF made its investment, former Focus Wickes group commercial director David Pearson joined the board as chairman alongside finance director Murray McGarvie, who previously held the same role at Fraser Hart.

Stevenswood shared the BVCA prize with Glasgow-based M Squared Lasers, another company in which BGF has invested growth capital.

BGF made an initial investment in M Squared Lasers in 2012 and made a further follow-on investment in 2014.

Patrick Graham, an investor at BGF, who sits on Stevenswood’s board, added: “It’s been a pleasure to help Ron begin to realise his ambitions with Stevenswood and to push the business on so that it can achieve its full potential.

“Ron hasn’t simply grown the business but has done so while maintaining profitability, which is a tough job to do in a competitive sector.

“The icing on the cake was to see Stevenswood share the award with M Squared Lasers, another member of BGF’s portfolio of companies in Scotland.”

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