Polyframe Group, the Halifax-based manufacturer and distributor of trade windows and doors, has been bought out by its senior management team.
The management buyout (MBO) is backed by specialist investment firm Cairngorm Capital.
Polyframe began in 1992 and has grown into one of the UK’s largest manufacturers of PVCu and aluminium windows, and composite doors. Group turnover tops £50m and it has 470 employees.
The acquisition, led by chief executive Ian Macdougal, was prompted by the retirement of founder and chairman Martyn Buckley.
Joining Mr Macdougal in the MBO are fellow Polyframe directors Jeremy Stott, Peter Dyson, David Eagle, Richard Lee and Nick Summers. Oliver Robinson, will join as interim COO and Jim Faulds joins as non-executive chairman.
Martyn Buckley said “Having built my company to become the industry leader over the past twenty-five years, it is pleasing to pass it on to such a strong management team.”
Ian Macdougal said: “The outlook for our industry is strong and extremely positive. This, together with the quality of our operations and the calibre of our staff were the deciding factors in our acquisition. As part of this transaction, we have been fortunate to secure funding from Cairngorm Capital, a specialist investment firm which has considerable expertise in our industry, both as an investor but most importantly for us, operationally. Together as partners, we will have the resources and the expertise to make Polyframe the definitive supplier of choice.”
Cairngorm Capital’s investment was led by managing partner Andrew Steel, who said: “Polyframe is an excellent example of the sort of business in which we like to invest – it is the leading competitor in its market with attractive growth opportunities and a highly capable management team. Our involvement will allow Ian and his team to pursue their strategy of enhancing the breadth of Polyframe’s offering, to the benefit of customers, employees and suppliers.”
This article was published on 8 Jul 2016 (last updated on 8 Jul 2016).