Polyframe and Stevenswood in trade deal
Polyframe Group has sold its trade centres division (PTC) to Stevenswood, and has acquired the 55,000ft2 manufacturing site in Livingston from Stevenswood.
Polyframe has grown to be one of the largest manufacturing companies of PVCU and aluminium windows, and composite doors within the UK, with six major manufacturing facilities across the country.
Following Polyframe’s management-led buyout in June and subsequent strategic review, it was decided that the trade centres business should be separated from its core fabrication activities.
Stevenswood operates a network of 15 trade centres across Scotland, with a total showroom space of 70,000ft2, distributing windows, doors and kitchens to the installer market. The acquisition of Polyframe’s 11 trade centres, which will all be rebranded as ‘Stevenswood’ by the end of December, accelerates its ambition to build a national trade counters business.
Nicholas Summers, managing director of PTC, will join the Stevenswood leadership team to help deliver this. The sale of its manufacturing operations to Polyframe allows Stevenswood to focus entirely on its core trade centre distribution activities.
Stevenswood has also appointed John Declerck as a non-executive director. He brings global executive experience in procurement, merchandising, brand strategy and digital marketing for building materials and home improvement firms such as Kingfisher and Home Depot.
Jon Gatfield, Polyframe’s group managing director, said: “Our stated aim is to be the market leading trade fabricator of high quality windows and doors in the UK. This transaction allows us to focus our attention and investment to increase manufacturing capability, strengthen product development and expand Polyframe’s product range for the benefit of our customers.”
Ron Hepburn, chief executive of Stevenswood said: “Our goal is to increase our network of trade centres over the next five years, through a combination of further acquisition, new branches and organic growth, to become the leading trade counter distributor in the UK. The purchase of the PTC network from Polyframe is the first step towards achieving this.”
Investors, Cairngorm Capital, will retain their existing holding in PTC, which will be combined with the Stevenswood group and ensures Stevenswood has access to deep capital resources to fund its continued growth.