Pinewood Structures founders exit for £14m

Pinewood Structures has undergone a £14m management buy-out (MBO) providing its founders with an exit.

The deal means that the company, founded by Terry Emery and Tony D’Alton in 1981, is now partly owned by Matrix Private Equity Partners, which invested £4.4m for a 37% stake.

Matrix anticipates capitalising on Pinewood’s strong presence in Southern England both through organic expansion and by acquisitions in other regions.

Currently, the Cambridge-based company employs 170 people, has two factories and generates an annual revenue of £23m.

It customers include major UK house builders including Wimpey/Laing, Persimmon and Bellway.

Matrix believe that the timber frame housing market will continue to grow, partly as a result of the government’s support for lower cost, energy efficient and affordable housing.

As a result of the deal, Nick Meyer, chairman of Consolidated Timber Holdings, has become a non-executive director at the company.

Baker Tilly, who acted as advisers to the management team and managed the transaction, introduced the deal to Matrix.

The Bank of Ireland provided senior debt and working capital to the company.

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