Grangemouth, Tuesday 7th November 2017: Thornbridge Sawmills Ltd (Thornbridge), a leading Scottish timber processing and distribution company, is pleased to announce that it has entered into a partnership with Cairngorm Capital LLP to support its development as a leading UK player in this sector. Cairngorm Capital is a specialist private investment firm that provides equity capital and management expertise to ambitious UK companies.
Thornbridge sources certified timber and sheet materials from sustainable producers both 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, many of them very long-serving.
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 material sector. Jim brings significant strategic expertise, having served in a non-executive capacity on the boards of more than a dozen firms backed by leading private equity firms. John, chief executive of Stevenswood, has over 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 reputation for consistently providing the best products available, with outstanding customer service, has made us leaders in the Scottish market. Our partnership with Cairngorm Capital enables us to support continued growth and heralds a new phase in our development. Together, we will be able to pursue new opportunities for innovation and growth, to the benefit our customers and employees.”
The transaction was led by Neil McGill, Investment Director and head of Cairngorm Capital’s Edinburgh office, who said “As investors, we are actively engaged in the strategy and operational development of our portfolio companies. Thornbridge is an excellent example of the sort of business in which we like to invest – it is a terrific company, processing and supplying an exceptionally wide range of high-quality timber and associated products, with a skilled and committed workforce offering outstanding customer service. We are delighted to help Thornbridge in its next stage of growth and will be investing additional funds to scale this business rapidly.”
Thornbridge and Cairngorm Capital were advised on this transaction by BDO (financial and tax) Addleshaw Goddard (legal), CIL (commercial), JLT (insurance). Thornbridge shareholders were advised by Grant Thornton (financial) and Wright Johnston & Mackenzie (legal). PNC Business Credit and Clydesdale Bank provided bank facilities to support this transaction.
For further information, please contact Katherine Ritchie on 020 8347 6183 or 07941 040021