The move comes following the acquisition of NY Timber by Cairngorm Capital Partners in November last year.
Headquartered in Northallerton, the company offers a range of timber, sheet and joinery products to customers in North Yorkshire and the North East.With a dedicated 120,000ft2 design, manufacturing and distribution centre in Brompton-on-Swale, the company is supported by seven branch outlets. In 2017, the company had revenues of £18 million and employed over 200 staff.
Elsewhere, the Grangemouth-based Thornbridge Sawmills is a direct importer of timber and sheet materials. It has a combined mill and distribution hub in Grangemouth, as well as eight regional branch outlets across Scotland.
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The deal will see the enlarged group comprise 15 branches in the North of England and Scotland, generating revenues of over £50m and employing more than 360 people.
NY Timber's Managing Director, Nick Kershaw, will continue to lead the business and join the Group Board.
Neil McGill, Investment Director and head of Cairngorm Capital's Edinburgh office, said: "As investors we are actively engaged in the strategy and operational development of our portfolio companies.
"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. We are delighted to be able to support this proprietary, off-market transaction as the next step in the creation of a leading UK timber distribution company and to welcome Nick Kershaw to the Board of the enlarged Group."
Nick Kershaw, MD of NY Timber, said: "We welcome the investment from Cairngorm Capital – this deal will support the growth ambition of NY Timber's management team. Combining with Thornbridge is the perfect partnership for two businesses, which share a commitment to innovation and the highest standards of customer service."
Bruce Muirhead, Managing Director of Thornbridge, added: "We are delighted to see such a well-respected company with significant market presence joining the group, bringing together the leading timber merchants in Scotland and the North East of England. There is a clear fit between the two businesses and the combination creates exciting opportunities."
(LM/MH)
