Truemans Holdings Limited, a Burnley-based market-leading trade supplier of uPVC windows, doors, glass and conservatory systems has been bought by Stevenswood.
A family-owned business established in 1997, Truemans operates four trade counters in Burnley, Doncaster, Sheffield and Crewe. It employs 41 people and is forecast to achieve revenue of £10m in 2017.
Stevenswood — which was established in 1997, operates a network of 25 trade centres across Scotland, the north of the England and the South East, and employs 126 staff nationally — was supported in the deal by Cairngorm Capital Partners LLP (Cairngorm Capital).
Truemans’ managing director, Joe Trueman, will join the Stevenswood senior management team as Commercial Director, filling an important role to drive Stevenswood’s continued growth strategy. The new combined group will be headquarted in Livingston and will have over 30 branches across the UK, generating revenues of over £40m and employing over 165 people.
Joe Trueman, Managing Director of Truemans said: “This is the perfect partnership for two businesses which share a commitment to the highest standards of customer service. There are great opportunities across the sector and the alignment of our goals, values and vision, offers significant strategic benefits for both organisations. I look forward to joining the Stevenswood team to accelerate our combined growth strategy, while providing the widest product range and highest levels of customer service in the industry.”
Strategically, the acquisition presented the perfect opportunity for further expansion, as the Truemans stores complete important gaps in Stevenswood’s presence in England.
John Declerck, Group Chief Executive of Stevenswood said: “The coming together of Truemans and Stevenswood underlines our mutual strategic commitment to become the leading trade counter distributor of windows and doors in the UK. Our collective focus is to build a customer-led business with improved stores, an enhanced product range and a consistently excellent service offering.”
Truemans were advised by Ashley Hayman, Head of Corporate Finance at chartered accountancy firm Cassons, who was assisted by Dan Woods. The vendors’ legal team comprised Richard Robinson and David Carr of Lancashire and Cumbria law firm Napthens.
Ashley Hayman, Head of Corporate Finance at Cassons said: “This deal was done to a very exacting timetable, driven by eagerness on the part of both Cairngorm and Truemans. It was also a really great deal. The Truemans shareholders got a very good price and Stevenswood added huge value to their business. It was a genuinely win/win deal.”
Richard Robinson, partner and head of Corporate at regional law firm Napthens, said: “Truemans Holdings is a real regional success story, with a strong future ahead of it.
“The acquisition by Stevenswood will present a further range of opportunities for growth and cement the position of the newly joined companies as a market leader in the UK.”