Financing Event: Acquisition
PNC Deal Leader: Alistair Hood
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.
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.
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.
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
*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.
Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.
©2023 The PNC Financial Services Group, Inc. All Rights Reserved.