Thornbridge in new investor partnership for growth9 November 2017
Scottish timber processor and distributor Thornbridge Sawmills Ltd has entered into a partnership with investor Cairngorm Capital LLP.
To support the existing management team, Jim Faulds and John Declerck will join Thornbridge’s board as chairman and non-executive director respectively.
Mr Faulds 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. Mr Declerck, 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.
“Our partnership with Cairngorm Capital enables us to support continued growth and heralds a new phase in our development,” said Bruce Muirhead, managing director of Thornbridge.
“We will be able to pursue new opportunities for innovation and growth, to the benefit of our customers and employees.”
“We are delighted to help Thornbridge in its next stage of growth and will be investing additional funds to scale this business rapidly,” said Neil McGill, investment director and head of Cairngorm Capital’s Edinburgh office.
Thornbridge has a combined sawmill and distribution hub in Grangemouth, as well as eight regional branch outlets across Scotland serving builders, joiners and construction companies.
It has an annual revenue of £35m and employs 159 staff.