Cairngorm Capital has acquired Rembrand Timber Limited and is merging it with its existing portfolio company, Thornbridge.
Thornbridge and Rembrand are the two largest independent timber processing and distribution companies in Scotland so this merger marks a key milestone in the growth strategy for both businesses. Together with NYTimber (acquired by Thornbridge in February 2018), they will create the leading independent timber distribution company in Scotland and the North of England.
The acquisition was triggered by the retirement of George Low, Managing Director and sole owner of Rembrand, who will remain in the business for the short term to ensure an effective handover and a smooth transition. It also marks the decision by Bruce Muirhead, Thornbridge’s Managing Director to step back from the day to day running of the business and to continue his involvement in a non-executive capacity.
Following Cairngorm Capital’s initial investment in Thornbridge eight months ago, Bruce committed to stay for a limited period to guide the business through its first phase of growth, which culminated in this transaction.
Rob Barclay joins as Group Chief Executive from SIG plc, one of the largest distributors of specialist building products in Europe, where most recently he was Group Managing Director for UK and Ireland.
Established in 1982 and headquartered in Dundee, Rembrand is an importer, manufacturer and distributor of timber.