Private equity firm Cairngorm Capital Partners has acquired timber merchant Arnold Laver.
Arnold Laver will join Cairngorm Capital’s other timber brands Thornbridge, North Yorkshire Timber and Rembrand to form The National Timber Group, which has combined revenues of nearly £250 million.
Arnold Laver is a family run company based in Sheffield which was established in 1920. It imports, distributes and manufactures a wide range of timber, panels, decorative surfaces and joinery products.
Its customers include blue chip construction companies and it supplies timber for major infrastructure projects including the 2012 Olympics, Hinkley Point Power Station, HS2 and the Thames Tideway.
It has 13 depots around the UK, an annual turnover in excess of £130 million and employs 750 people.
This acquisition is Cairngorm Capital’s 16th proprietary acquisition since July 2016 and the next step in its buy and build strategy to create The National Timber Group. The Group was formed with the aim of consolidating the highly fragmented specialist UK timber merchant market and currently consists of 52 sites and over 1300 employees.
Rob Barclay, Group Chief Executive of The National Timber Group, said: “We are delighted to partner with Arnold Laver and welcome them to the Group. The merger is highly complementary – together, we are able extend our presence nationwide, pursue further growth and are well positioned to capitalise on the market leading position we have established. Additionally, our values, vision and commitment to customers are completely aligned, which creates exciting opportunities for us both.”
Neil McGill, Investment Director at Cairngorm Capital, who led the transaction, added: “The UK timber market is still highly fragmented and offers many opportunities for well organised, high quality businesses such as The National Timber Group. We have been working hard to find opportunities to scale our timber business rapidly so we are delighted to be able to support the National Timber Group with this proprietary acquisition. We believe we now have a great platform for further growth under the leadership of an exceptional management team.”