Done Deal: National Timber Group

Buy, Build, Lead

 

National Timber Group logo

a portfolio company of

Cairngorm Capital Partners

£Undisclosed

Revolving Line of Credit & Term Loan

Timber Distribution

Financing Event: Acquisition
PNC Deal Leader: Alistair Hood

The Company: Leading Sector Platform

Over the past year, Cairngorm Capital Partners has implemented a highly successful buy and build investment strategy in timber distribution. Through four acquisitions, it has created a leading sector platform in the UK – National Timber Group.

The Deal: Buy, Build, Lead

PNC has been at their side throughout, providing facilities for both the acquisitions and on-going working capital support;

  • November 2017 – Acquisition of Scottish independent timber merchant, Thornbridge, with 8 branches, 1 hub and 160 employees.

  • February 2018 – Acquisition of independent timber merchant in the North East of England, North Yorkshire Timber, adding 7 branches, 1 hub and 200 employees.

  • June 2018 – Acquisition of Scottish importer, processor and distributor of timber and panel products, Rembrand Timber, adding 20 branches, 2 manufacturing sites and 280 employees.

  • November 2018 – Acquisition of established brand in the importation, processing and distribution of timber, panel, decorative surfaces and joinery products, Arnold Laver, adding 13 depots, 1 national production centre and 750 employees.

With a combined turnover approaching £250 million, over 1,300 employees and 52 processing and distribution sites from the North of Scotland to London and the South West, the Group today is the largest independent added value timber distribution and processing group in the UK.

The Achievement: Delivering the Vision

Incorporating both a term loan and a revolving line of credit, the £multi-million facility, combined with PNC’s trademark flexibility, has helped Cairngorm Capital Partners to move at pace to execute the transactions and create a major national player in just 12 months.

We have been impressed with the commerciality and responsiveness of the PNC team over the last 12 months which has enabled us to deliver our vision of creating a 3 leading national player in timber distribution. We look forward to the ongoing support of the PNC team as we continue to develop and grow the National Timber Group.

Neil McGill| Investment Director, Cairngorm Capital Partners

Important Legal Disclosures & Information

*A portion of the funding provided by Steel City Capital Funding, a division of PNC Bank. Steel City Capital Funding provides Cash flow-based senior debt, junior secured and second lien loans for sponsored and non-sponsored transactions. 

Neither PNC Financial Services UK Ltd. nor PNC Bank Canada Branch provides legal, tax or accounting advice.

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