Arrowpoint Advisory advise Polyframe on debt-raise for acquisition and merger with Customade

Arrowpoint Advisory's Debt Advisory team has secured debt-raise facilities for Polyframe Group, a leading trade fabricator of windows and doors and a portfolio company of Cairngorm Capital, in order for it to acquire and merge with UK competitor Customade.

Established in 1992, Polyframe is the leading UK independently-owned specialist fabricator of trade windows and doors. Its product ranges include, PVC/aluminium windows and doors, as well as composite entrance doors. Polyframe hold a leading reputation for profile range, product quality and five day delivery.

Established in 1980, Customade is a specialist manufacturer of high-quality aluminium and PVCu windows, doors and conservatory roof products. Known for its proprietary and market-leading REAL, Atlas and Fineline aluminium brands, the company operates from 100,000 square foot, state-of-the-art production and storage facilities near Gloucester, employing 320 people. In 2016 it achieved turnover in excess of 35m.

The combined group will have revenues in excess of 100m, will trade as Customade and now has a comprehensive product range across aluminium windows, composite entry doors and PVCu products. It will operate nationwide, with almost 900 employees across 10 manufacturing facilities extending from Scotland to the South-West.

John Naylor-Leyland, Investment Director of Cairngorm Capital commented: “We are delighted to invest further in Polyframe to facilitate this proprietary, off-market merger between Polyframe and Customade and to support the combined group's plans for the future. Customade has an outstanding reputation in the industry for supplying high-quality branded aluminium products, which together with the excellence of its operational capabilities and the calibre of its staff, make it the natural partner to enhance Polyframe's leading PVCu window and composite door range.”

Neil Smith, Managing Director, Debt Advisory of Arrowpoint Advisory, added: “Aside from facilitating the acquisition of Customade, the flexible debt package provided by MidCap Financial/Clydesdale and Yorkshire Bank Group also enables the group to execute their significant expansion plans. It was a pleasure to work with Cairngorm Capital to extend their commitment to the first investment from their inaugural fund in what is an exciting time for the sponsor.”

Andrew Steel, Managing Partner of Cairngorm Capital, concluded: “It was a pleasure to work with the Arrowpoint Advisory team on this important and complex transaction. Their guidance was constructive throughout the planning, execution and completion of our investment.”

Contact the deal team