Cairngorm Capital Partners has acquired North Yorkshire Timber.
NY Timber will be merged with existing Cairngorm portfolio company Thornbridge, which Cairngorm picked up in November last year, the private equity firm’s first investment from Cairngorm Capital II.
The merger is Cairngorm’s latest step in its bid to consolidate the UK value-added timber distribution market. The combined group will generate revenues of over £50m (€44.4m) across its 15 branches in the north of England and Scotland and will employ over 360 people.
Headquartered in Northallerton, NYTimber offers a range of timber, sheet and joinery products and has a specialist roof solutions division. The business saw revenues of £18m last year and employs over 200 staff. NY Timber’s managing director, Nick Kershaw, will continue to lead the business and will join the group board.
Cairngorm’s Edinburgh office head Neil McGill said: “We have been working hard to find opportunities to scale our timber business rapidly. Like Thornbridge, NYTimber is a very high-quality business with a great management team and a shared focus on excellent customer service.”
Cairngorm closed its second fund at £107.5m in April, 18 months after it closed its first. It invests in UK companies in the manufacturing, distribution and service industries with operating profits of between £2m and £20m.