Sandy-based Pinewood, one of the largest UK manufacturers of timber frame structures, was acquired in a deal backed by Matrix Private Equity Partners LLP, supported by senior debt and working capital from Bank of Ireland. The announcement follows months of industry rumours of a possible takeover of the company.
Pinewood managing director Geoff Arnold, who led the MBO, said the buyout would provide Pinewood with strong management and financial foundations.
“We are looking forward to a very exciting period,” he said. “At a time when environmental performance issues are at the fore, timber frame construction is fast becoming the first choice for many in the construction industry.
“There is also great potential for the company to expand both organically and through acquisition.”
Pinewood supplier Finnforest welcomed the deal.
“Our sector is seeing a period of growth and our relationships with strong clients like Pinewood Structures are helping us ensure success for all,” said Rod Allan, Finnforest UK managing director.
Pinewood customers have also supported the MBO, including George Wimpey, St James, John Laing Partnership and Persimmon.
