Published On: Tue, May 14th, 2019

Maven Capital Partners leads MBO of CMS Window Systems

Maven Capital Partners (Maven), one of the UK’s most active private equity houses, has led the management buyout (MBO) of CMS Window Systems, a leading end-to-end provider of premium window and door solutions, and one of Scotland’s fastest growing manufacturing businesses. The transaction includes the largest equity cheque written by Maven as well as debt funding from Clydesdale Bank led by its Corporate and Structured Finance team, and additional equity from the Scottish Investment Bank. Exiting investors include mid-market private equity firm, LDC. CMS specialises in designing, manufacturing and installing energy-efficient and environmentally friendly products, including PVC-U and aluminium, windows, doors and curtain walling systems. Established in 2006, CMS operates from its 15-acre, state-of-the-art, headquarters in North Lanarkshire with an additional door manufacturing facility in Fife.

 The Company undertakes contracts for some of the largest housing investment programmes and commercial build projects in the UK and has long-standing relationships with many of Scotland’s local authorities to refurbish their social housing stock, and has recently extended its reach to local authorities in the North of England. CMS commands a strong market position, with the business possessing the capabilities and experience to undertake large and complex projects across all commercial, social, and private housing markets. Maven has taken a majority equity investment in the company which will enable CMS to further pursue its social housing strategy, targeting the larger addressable market in England, as well as capitalising on the increased demand for energy-efficient windows and doors in new-build housing. 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, added: “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.”

David Henderson Regional Head of Corporate and Structured Finance at Clydesdale Bank, said: “Clydesdale Bank has a track record of providing acquisition funding to a wide range of businesses and sectors across the UK. CMS is a business we have followed closely in recent years and we have been impressed by the quality of the management team, the strong customer relationships they have developed and consistent delivery in their chosen markets.”