CAIRNGORM Capital, the private equity firm founded by Scot Andrew Steele, has acquired a Dundee-based timber company, writes Scott Wright.

And it will merge Rembrand with Thornbridge, with one of its existing companies, creating what it said will be the largest independent timber distribution company in Scotland and the north of England. Rembrand, which was established in 1982, employs around 290 staff across two manufacturing sites and 20 branches. All employees and branches will transfer to the enlarged group, which will have more than 600 staff and turn over £100 million. The group, which also includes NYTimber, acquired by Thornbridge in February, has 35 branches – 28 in Scotland.

The deal comes after Cairngorm director Neil McGill revealed in April that the firm was actively pursuing further acquisitions, having at that stage just completed 13 deals in an 18-month spell.

Cairngorm described the Rembrand acquisition as “highly complementary”, with “minimal” branch overlap.

The driving force behind the deal was the retirement of Rembrand’s owner and managing director George Low. It also comes as Thornbridge boss Bruce Muirhead steps back from the day to day running of the firm. Rob Barclay has been hired from SIG as chief executive.