Truemans are pleased to announce that on 8th March 2017, Truemans Holdings Limited (Truemans) was acquired by Stevenswood Trade Centres Limited (Stevenswood).
Established in 1997 and headquarted in Livingston, Scotland, Stevenswood operates a network of 25 trade centres across Scotland, the north of the England and the South East, distributing windows and doors to the installer market.
The coming together of Truemans and Stevenswood reflects the mutual strategic commitment to become the leading trade counter distributor of windows and doors in the UK. The collective focus from Truemans and Stevenswood is to build a customer-led business with improved stores, an enhanced product range and a consistently excellent service offering. The alignment of goals, values and vision, offers significant benefits for both organisations and builds on the strong business that Truemans have developed over many years.
Strategically, this acquisition presented the perfect opportunity for further expansion, as the Truemans stores complete important gaps in Stevenswood’s presence in England. Operating four trade counters in Burnley, Doncaster, Sheffield and Crewe, with another scheduled to open in Reading in spring 2017, Truemans employ 41 people and were forecast to achieve revenue of £10m in 2017. Now the combined group will have over 30 branches across the UK, generating revenues of over £40m and employing over 165 people.
Truemans’ managing director, Joe Trueman, will join the Stevenswood senior management team as Commercial Director filling an important role to drive Stevenswood’s continued growth strategy. Joe Trueman comments, “This is the perfect partnership for two businesses which share a commitment to the highest standards of customer service. There are great opportunities across the sector and the alignment of our goals, values and vision, offers significant strategic benefits for both organisations. I look forward to joining the Stevenswood team to accelerate our combined growth strategy, while providing the widest product range and highest levels of customer service in the industry.”
John Declerck, Group Chief Executive of Stevenswood said, “The coming together of Truemans and Stevenswood underlines our mutual strategic commitment to become the leading trade counter distributor of windows and doors in the UK. Our collective focus is to build a customer-led business with improved stores, an enhanced product range and a consistently excellent service offering.”
With the backing of specialist investment firm, Cairngorm Capital Partners LLP, Stevenswood will be making significant investment in the business, increasing the network of trade centres over next five years, to build a national distribution network offering an extensive range of windows and doors, alongside a range of other complimentary products sourced from third parties.
Stevenswood and Cairngorm Capital were advised on this transaction by PwC (financial and tax) and Bond Dickinson (legal). Truemans was advised by Napthens (legal) and Cassons (financial). Clydesdale and Yorkshire Bank Group provided working capital facilities to support the transaction.