Investors’ UK timber sector expansion continues with Rembrand Timber acquisition2 July 2018
Private investment group Cairngorm Capital Partners LLP’s timber industry portfolio has taken another leap forward with addition of Rembrand Timber, which is merging with its Thornbridge Sawmills business.
The move creates a group in Scotland and the North of England, with a £100m annual turnover, 35 branches and 600 employees, including Thornbridge, Rembrand and NYTimber. Cairngorm also acquired Parker Building Supplies in southern England earlier this year.
The Rembrand acquisition was triggered by the retirement of George Low, MD and founder of Rembrand, who will remain in the business for the short term to ensure an effective handover and a smooth transition.
It also marks the decision by Bruce Muirhead, Thornbridge’s MD to step back from the day to day running of the business and to continue his involvement in a non-executive capacity. Rob Barclay joins as group chief executive from SIG plc, where most recently he was group MD for UK and Ireland.
“This transaction advances Thornbridge’s strategy to consolidate the UK value added timber distribution sector and expand geographically,” said Cairngorm.
“With minimal overlap of the branch networks, this partnership is highly complementary – the enlarged group now has an established distribution structure that extends from Thurso and Skye to Northallerton, providing the platform for further growth.”
Dundee-based Rembrand Timber is an importer, manufacturer and distributor of timber. It has two manufacturing sites and 20 branches across Scotland, serving a broad range of customers in the construction industry. In addition to an extensive range of timber, sheet and joinery products, Rembrand offers a broad selection of roofing, insulation and other building materials via its subsidiary companies, Scotia Roofing, Glow Insulation & Site Supplies and Rembrand Builders Merchants.
In 2017 it achieved revenues approaching £50m and employed 288 people.