Just when you thought M&A season was done for the year, in swings another to kick it back into life!
During Monday lunch time Polyframe announced it’s acquisition of WB Group. Polyframe was purchased in a management led buy-out in July of this year, and this is their first acquisition since then.
This is the statement that has been published on WB Group’s website:
Polyframe Group Limited (Polyframe), the leading manufacturer and distributor of trade windows and doors, announced today that it has successfully acquired The Window Bureau Limited (WB Group).
Established in 1981, WB Group is a leading manufacturer of a proprietary range of PVCu windows and doors, GRP composite doors and PVCu door infill panels, which it supplies to the UK trade sector. The company operates from a state-of-art 70,000 square foot production facility in Birtley, Co. Durham employing just over 100 people.
This acquisition, which was prompted by the retirement of WB Group’s founder and chairman, Kevin Craggs, aligns perfectly with Polyframe’s stated strategic goal to be the market leading trade fabricator of high quality window and doors. WB Group is Polyframe’s first acquisition since its management led buy-out in July this year. Supported by specialist investment firm Cairngorm Capital Partners LLP, the acquisition facilitates opportunities for further innovation and growth, by increasing manufacturing capability, strengthening product development and expanding Polyframe’s product range. WB’s attractive Virtuoso entry door range neatly complements Polyframe’s leading window range.
WB Group’s Managing Director, Tony Craggs, will join Polyframe’s senior management team to run the expanded door division, which will provide a comprehensive range of composite and PVCu doors from the expanded Birtley facility, plus a specialist door service that will be based at Polyframe’s Mansfield facility.
Ian Macdougal, chief executive of Polyframe said, “The outlook for our industry is strong and extremely positive, particularly in the composite door sector. Our goal is to make Polyframe best in class by offering the broadest range of high quality windows and doors in the market place. WB Group and its Virtuoso door range complete a gap in our offering, allowing us to make Polyframe the definitive trade fabricator of choice.”
John Naylor-Leyland of Cairngorm Capital commented, “This sector is forecast to achieve double digit growth over the next 3 -5 years and Ian and his team have solid plans to capitalise on this. WB Group has an outstanding reputation in the industry for supplying high quality branded composite and PVCu doors, which together with the quality of its operations and the calibre of its staff made it the natural strategic partner to expand Polyframe’s leading window range. We are pleased to invest further in Polyframe, and are delighted to have the continued support of Clydesdale and Yorkshire Bank Group in providing funding for the acquisitions and organic growth that are so key to our strategy.“
Kevin Craggs, founder of WB Group added, “The coming together of WB Group and Polyframe represents our mutual commitment to become the leading supplier of windows, composite and panel doors to the UK installer market and is a logical progression for the strong business that Tony and I have developed over many years. I am confident that WB Group is in good hands and wish the enlarged group every success going forward.”
I’ll be doing a full analysis post on this latest industry acquisition which will go live on DGB later. But for my initial reaction, it is clear that Polyframe are intent on carrying out their plan to become the market leaders in trade window and door fabrication.
It’s well known that the fabrication sector of our industry is undergoing some geographical shifts right now, thanks to changes in consumer demand. So an acquisition of this type and size will make waves for sure.
Personally, I want to wish a big good luck to both businesses and the people involved in making it happen and for future trading.
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