Maven Capital Partners have led the management buyout (MBO) of CMS Window System (CMS), a window and door solutions provider, and one of Scotland’s fastest growing manufacturing businesses.
The transaction includes the largest equity cheque ever written by Maven and is the fourth investment made by Maven’s UK Regional Buyout Fund, which recently announced its final close, having raised £100m from a diverse range of investors.
Established in 2006, CMS specialises in designing, manufacturing and installing energy-efficient and environmentally friendly products, including PVCu and aluminium windows, doors and curtain walling systems.
New commercial contracts and recurring revenues from long-standing customer relationships, have contributed to turnover increasing to over £36m.
Andrew Craig, Partner at Maven commented: “CMS is one of the leading manufacturers and installers for window and door solutions in the UK, and we are delighted to add this ambitious business to our growing portfolio. The transaction demonstrates our aim to support management buyouts in some of the most impressive and entrepreneurial businesses in the lower-mid market. CMS has experienced year on year growth and is managed by an impressive management team with significant experience of the sector. The company has also invested heavily in its two manufacturing facilities ensuring that there is sufficient spare capacity to fulfil its undoubted growth potential.”
David Ritchie, CEO of CMS Window Systems said: “Partnering with Maven marks the beginning of an exciting new era for CMS and its employees, and will enable, us to create new jobs as we grow. With our established management team continuing to lead the business, it is very much ‘business as usual’ so customers, supply chain partners and other stakeholders will experience no changes in working with us.
“We will be announcing more detail about our immediate plans soon, which will support our strategy to develop our share of the market for windows and doors in the new build housing, commercial, social housing and trade sectors. We have an excellent team in place to drive the business forward in partnership with Maven, building on the strengths that our customers value and providing high performance window, door and curtain walling solutions to many more new customers too.”