New owner for timber yards
Cairngorm Capital acquires Thornbridge Sawmills
Thornbridge: new directors follow acquisition
Cairngorm Capital Partners has acquired Thornbridge Sawmills, a Scottish timber processing and distribution company.
Thornbridge sources timber and sheet materials from sustainable producers domestically and overseas.
It has a combined sawmill and distribution hub in Grangemouth, as well as eight regional branch outlets across Scotland serving builders, joiners and construction companies. Thornbridge has revenues of £35 million and employs 159 staff.
This is Cairngorm Capital’s ninth acquisition since July last year and is the first investment for its second fund Cairngorm Capital II, which closed in April 2017.
It is the firm’s second major investment in Scotland, following its acquisition of Stevenswood Group in November 2016.
To support the existing management team, Jim Faulds and John Declerck will join Thornbridge’s board as chairman and non-executive director respectively, contributing considerable expertise in the buildings materials sector.
Mr Faulds brings significant strategic expertise, having served in a non-executive capacity on the boards of more than a dozen firms backed by private equity since he sold the eponymous marketing agency he founded in 2001.
Mr Declerck, chief executive of Stevenswood, has 20 years global executive experience in senior management roles at leading building products distribution companies including Kingfisher and Home Depot.
Bruce Muirhead, Managing Director of Thornbridge, said: “Our partnership with Cairngorm Capital enables us to support continued growth and heralds a new phase in our development. Together, we will pursue new opportunities for innovation and growth.”
This transaction was led by Neil McGill, investment director and head of Cairngorm Capital’s Edinburgh office.
Thornbridge and Cairngorm Capital were advised by BDO, Addleshaw Goddard, CIL and JLT. Thornbridge shareholders were advised by Grant Thornton and Wright Johnston & MacKenzie. PNC Business Credit and Clydesdale Bank provided bank facilities to support the transaction.