A Stoke-on-Trent timber business has been taken over by a private equity-backed group.
Tunstall-based Hymor Timber has been snapped up by Cairngorn Capital’s portfolio company, National Timber Group (NTG), for an undisclosed sum.
The Scotia Road business – which was established more than 30 years ago – is an independent timber merchant supplying ethically sourced hardwood and softwood to a broad range of trade and commercial customers, including joiners and manufacturers across Staffordshire and the surrounding areas. It boasts a 28-strong workforce and achieved revenues of £4.5m in 2020.
Hymor’s acquisition was initiated by the owners’ succession planning.
Now the company’s founders, Graham Morris, Roger Malkin and Chris Hyde, will work with NTG’s chief executive Rob Barclay and managing director Patrick Guest, to integrate the business into the group.
Roger said: “As founders, Graham, Chris and I are extremely proud of all that we have achieved so far. We know that Hymor is capable of achieving much more.
“Our priority was to find a partner with shared goals and values who would help it to fulfil its future potential. We were impressed with National Timber Group’s focus on product quality and its commitment to the highest standards of customer service. We are confident that we have selected the right partner and that Hymor will continue to prosper within the enlarged group.”
NTG has a turnover approaching £300m and more than 1,300 employees. It operates from 55 distribution sites from the North of Scotland to London and the South West.
Bosses say the acquisition fills a geographic gap in the company’s existing branch network and will create an additional hardwood ‘centre of excellence’ serving the Midlands and the North West.
Group chief executive Rob Barclay said: “We are delighted to welcome Hymor Timber to the group – our shared expertise and commitment to our customers makes this an obvious and complementary partnership.
“Together, we will increase our offering in the important hardwood timber category and extend our range of services in the Midlands and the North West, improving our customers’ experience.”
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Cairngorm Capital’s investment was led by managing director Neil McGill and investment manager Josh Chilton.
This is Cairngorm Capital’s 31st proprietary investment since 2016. All of Cairngorm Capital’s portfolio companies have performed well throughout the pandemic and have grown strongly.
Neil said: “As investors, we are actively engaged in the strategy and operational development of our portfolio companies. As a result, we take great care to identify complementary acquisitions. Hymor is a highly successful timber merchant with a strong local brand and impressive performance, which pairs well with NTG. We are delighted with this addition to NTG.”