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Made-to-measure: Customade Group’s relaunch
- Fund IV
- FENESTRATION PRODUCTS
- Entry 2020
- Exit -
- Sales €125 million
In the first half of 2020 the Customade Group – a UK-based group of nine companies specialized in fenestration products – faced unprecedented economic and operational challenges. As a result, the Group’s financial position became unsustainable, leading to its file for administration at the end of June.
Swift action
Nimbus was selected as the preferred owner of the Group thanks to its ability to act swiftly, provide sufficient immediate investments in the Group to guarantee its survival and present a comprehensive and well-balanced plan for the continuation and growth of business in the long term.
On 30th June Nimbus became the owner of the majority of shares. The deal created a new Customade Group consisting of seven of the former nine companies: Virtuoso Doors, Norwich PVCu, Stonehouse PVCu, Real Aluminium, Atlas, Fineline Aluminium and Stevenswood. Together, they have a product range spanning PVCu and aluminium windows and doors, composite doors, aluminium glazed roofs, and nationwide trade counters.
On time, in full
With the deal in place, Nimbus immediately restructured the balance sheet and began rolling out its plans to ensure long-term success. The first goal is to stabilize the supply chain and reinforce relations with suppliers, which have come under pressure due to Covid-19 related closures and other challenges. Secondly, Nimbus is focusing on creating operational stability, to ensure on-time deliveries in full and thus rebuild trust with its customers. Thirdly, the investor is adapting the Group’s organizational structure, to transfer responsibility for operations to the Group’s three production sites and thereby increase efficiency and effectivity. The new structure will also help to speed up integration between the Group’s companies. Fourthly, the Nimbus team will focus on creating better insights in operational performance metrics including customer service and customer margin analysis. Last but not least, Nimbus will focus on improving the production platform by investing in the three sites which will result in higher efficiency and benefits both customers as well as Customade.
Booming replacement market
The outlook for the new Group is promising, with a booming replacement market – partly thanks to UK government subsidies – and a new-build market that is also picking up. With a stable supply chain in place, an operational focus on service and quality and with the ongoing integration of group activities for further efficiency, Nimbus is confident that the Customade Group and its 800 employees can look forward to a strong and certain future.
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