Thornbridge Sawmills and Rembrand Timber have announced they have merged which has been supported by further investment from Cairngorm Capital Partners LLP.
Thornbridge and Rembrand are described as the two largest independent timber processing and distribution companies in Scotland. Together with NYTimber, who merged with Thornbridge in February 2018, the companies will have 35 branches, revenues exceeding £100 million and over 600 employees.
Established in 1982 and headquartered in Dundee, Rembrand is an importer, manufacturer and distributor of timber. It has two manufacturing sites and 20 branches across Scotland, serving a range of customers in the construction industry.
In addition to a range of timber, sheet and joinery products, Rembrand offers a selection of roofing, insulation and other building materials through its subsidiary companies, Scotia Roofing, Glow Insulation & Site Supplies and Rembrand Builders Merchants.
This transaction is part of Thornbridge’s strategy to consolidate the UK value added timber distribution sector and expand geographically. The enlarged group now has a distribution structure that extends from Thurso and Skye to Northallerton, and is hoped will provide a platform for further growth.
The merger was said to be triggered by the retirement of George Low, Managing Director and Founder 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 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 merger.
Rob Barclay will also join as Group Chief Executive from SIG plc, where most recently he was Group Managing Director for UK and Ireland.
Rob said: “I am delighted to be joining Thornbridge and to be able to welcome Rembrand into the group. It is a pleasure to have such a well-respected company, with a strong market presence join the group. There is a clear fit between all the businesses and the combination creates many opportunities. The group is at a really exciting point in its development, with the ability to capitalise on numerous options for growth. Although we have ambitious goals to fulfil, with strong investor support, our exceptional products, first-rate employees and a well-deserved reputation for superior service, these are very achievable. I look forward to leading the next phase of development.”
George added: “I have long been an admirer of Thornbridge and all that it has achieved. We have much in common in terms of our heritage, our commitment to outstanding product quality and our belief in the highest standards of customer service. This, together with our highly complementary product ranges and distribution networks, makes the merger a good fit and will allow Rembrand to continue to thrive to the benefit of our customers and employees. I know I will be leaving the business in very capable hands and look forward to seeing it prosper.”
