Cairngorm Capital Partners has made a further investment in window and door manufacturer Polyframe, to support its acquisition of Customade.
The enlarged group will trade under the name of Customade, and will have revenues in excess of £100m.
This is Cairngorm’s fourth transaction in the door and window sector since July 2016, following the acquisition of Polyframe and subsequent bolt-ons of WB Group and Stevenswood’s manufacturing facility.
The investment came from Cairngorm’s first fund, which was raised in 2015 and recently increased by 40 per cent to total committed capital of £73.5m.
Customade is a specialist manufacturer of aluminium and PVCu windows, doors and conservatory roof products.
It operates under the REAL, Atlas and Fineline aluminium brands from its 100,000 square foot production and storage facilities near Gloucester.
The business employs 320 staff and achieved turnover in excess of £35m in 2016.
John Lightowlers, Customade’s managing director, will become group managing director and will continue to hold a significant ownership stake.
Lightowlers will be supported initially by Lance Gillett, Polyframe’s group finance director who joined the business from Masco UK Window Group in 2016, and Jon Gatfield.
Gatfield, Polyframe’s interim managing director and Cairngorm Capital operating partner, will transition to other Cairngorm Capital operational roles in the near future.
David Moore, non-executive director of Polyframe and former chief executive of Ultraframe, will become chairman of the enlarged group.