Weekly Email News for the Glass, Glazing & Fenestration Industries

Customade Group up for sale
12th May 2020

Customade Group this week launched its post-Covid reopening plans with no further comment on the proposed sale of the group by accelerated process, as revealed by The Glazine last week.

The group, with nine manufacturing sites and brands all across the fenestration industry as well as 33 Stevenswood trade counters UK-wide, was offered for sale last week as a single unit under the codename Project Kirkwood by management consultancy Alvarez & Marsal.

Among the £124million-turnover group’s assets are high-profile brands in PVCu and aluminium windows, doors, comp doors, aluminium roofs, IGUs and specialist glazing as well as the trade counters but the sale document adds “There are restructuring plans already developed for certain loss-making sites (pre-Covid19) to further support future cash generation.”

It continues: “The Group is seeking additional investment to fund working capital for its restart of operations and position it for growth and future consolidation opportunities in the market. The Project Kirkwood process will be of an accelerated nature.”

Customade Group grew out of a number of strategic mergers backed by equity group Cairngorm Capital beginning with the merger with Yorkshire-based Polyframe Group, itself the subject of an MBO, also backed by Cairngorm read story.

The group as it stands today employs 1,150 people across nine manufacturing sites as well as the 33 Stevenswood branches. Its businesses include: Polyframe (PVCu), Virtuoso Doors(composite and PVCu panel doors), REAL Aluminium (aluminium windows and doors), Atlas Glazed Roof Solutions (glazed roofs), Fineline Aluminium (specialist glazing) and Hourglass Seal (sealed glass units). Its PVC-U operation boasts one ff the most comprehensive offerings on the market, fabricating from Veka, Halo, Rehau, Eurocell and Duraflex.

The sale document adds that the group had been mothballed during the current Covid-19 pandemic but it this week announced further moves towards a controlled reopening Read story.

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