Stevenswood acquires Truemans Holdings
Stevenswood has announced the acquisition of Truemans Holdings (Truemans), supported by a further investment from Cairngorm Capital Partners LLP (Cairngorm Capital). The purchase of Truemans supports Stevenswood’s ambition, to develop a national network of trade counters and become the leading trade counter distributor in the UK. A wholly owned family business established in 1997, Truemans is a rapidly growing trade counter group, operating four trade counters in Burnley, Doncaster, Sheffield and Crewe, with another scheduled to open in Reading in spring 2017. The company employs 41 people and is forecast to achieve revenue of £10m in 2017.
Strategically, this acquisition presented the perfect opportunity for further expansion, as the Truemans stores complete important gaps in Stevenswood’s presence in England. Truemans’ MD, Joe Trueman, will join the Stevenswood senior management team as Commercial Director filling an important role to drive Stevenswood’s continued growth strategy. The new combined group will continue to be headquartered in Livingston and will have over 30 branches across the UK, generating revenues of over £40m and employing over 165 people.
The completion of this acquisition also marks the decision by Ron Hepburn, Stevenswood’s founder, to retire. Having successfully built the Stevenswood business from a small window fabricator to become one of the UK’s leading window and door distributors, with revenues of over £30m from 25 trade counters nationwide, Ron considers this to be the ideal time to step back from the business. He commented: “The acquisition of Polyframe’s trade centres in November was the culmination of a 20-year ambition to grow my young business into the successful enterprise that it is today. To have achieved so much and with the support of a great team fills me with pride. At the time of the deal, I committed to stay for a limited period to ensure that the merger transitioned well, to give my management team the support that they required during a period of intense change and to prepare the company to fulfil its potential. This acquisition signals the next stage in the company’s future and the logical point for me to step aside.”
John Declerck, a Stevenswood non-executive director, will join the business full time as Group Chief Executive. He brings over 15 years global executive experience in procurement, merchandising, brand strategy and digital marketing for building materials and home improvement firms such as Kingfisher and Home Depot. Jim Faulds, Stevenswood’s Chairman, said: “On behalf of all at Stevenswood, I would like to thank Ron Hepburn for his unstinting support and commitment over the last few months. That we are in a position to complete this acquisition with Truemans and pursue our strategy for growth, is testament to the great company and great team that he built. We wish him the very best for the future.”
