- Quinn puts Matrix in the frame on Pinewood deal
Quinn puts Matrix in the frame on Pinewood deal
THE QUINN Partnership, leading management due diligence specialist, has advised Matrix Private Equity Partners (MPEP) on a £14 million MBO.
This latest deal sees Matrix finance the £14 million management buy out of Pinewood Structures, the leading UK manufacturer of timber frame components.
Established in 1981 and headquartered in Cambridgeshire, Pinewood has become one of the UK’s largest manufacturers of timber frame structures. The company has an annual turnover of £23 million and employs 170 people at its two factories.
Matrix has acquired a 37% stake for a £4.4 million investment in the business. The transaction represents an exit for the founders of the business with other shareholders reinvesting substantial proceeds from the sale of their existing share holdings. Matrix plans to capitalise on Pinewood’s strong presence in Southern England by expanding organically and through acquisitions in other regions.
Jonathan Gregory led the deal for Matrix with support from Eric Tung and Bob Henry. Jonathan Gregory joins the board as non executive director. Geoff Arnold is the managing director of the company with Nick Meyer, chairman of Consolidated Timber Holdings becoming non executive Chairman.
Mike Stiles, who led the team from The Quinn Partnership, said: “Geoff Arnold is a strong and focused leader who, having delivered an impressive turnaround in Pinewood, is now set to build on continuing success.”