Lead Forensics


LDC exits CMS Window Systems following successful partnership

27 Mar 2019

Leading mid-market private equity investor LDC has completed the sale of CMS Window Systems (“CMS”), a leading Scottish company that designs, manufactures and installs PVCu and aluminium windows, doors and curtain walling systems, for an undisclosed sum to Maven Capital Partners.

Based in Cumbernauld, CMS specialises in energy-efficient and environmentally friendly windows, doors and curtain wall insulation. The business supports customers across the commercial construction and social housing sectors and provides services from design and manufacture, through to installation and aftercare, on some of the UK’s largest building projects.

In May 2016, LDC backed the existing management team with a minority investment to support the business’ expansion. Since then, CMS has opened an 8,500 sq ft PVCu door manufacturing and recycling plant in Kirkaldy, increased the production capacity of its Cumbernauld headquarters, strengthened its management team with the appointment of David Ritchie as CEO and launched a new over-the-counter trade sales service, which offers its energy-efficient products to sole traders and SME contractors.

CMS’s extensive programme of capital investment and service diversification has coincided with a string of contract wins for the business. In 2017, it was appointed to North Lanarkshire Council and East Dunbartonshire Council’s window and door replacement frameworks.

In addition to securing deals with public sector clients, CMS has also supported on several high-profile commercial construction projects. In 2019 alone, it provided aluminium glazing packages for Cala Homes’ re-development of Edinburgh’s Donaldson Estate and Balfour Beatty’s Prince & Princess of Wales Hospice in Glasgow’s Bellahouston Park.

Today, the business employs almost 300 people, and is on track to record revenues of £40million for the year ending March 2019, up 25 per cent during LDC’s tenure.

orange quote mark
Our partnership with LDC gave us the strategic guidance and financial firepower we needed to deliver our ambitious growth strategy. Energy-efficiency and the use of environmentally friendly construction practices have become an essential consideration for our sector. With LDC’s support, we’ve been able to capitalise on our business’s green credentials – dramatically increasing our production capacity and expanding the scope of our offering to take advantage of increased demand for our specialist products and services.”
David Ritchie, CEO
CMS Window Systems

Colin Bennett, Investment Director at LDC in Edinburgh, said: “Innovative, forward-thinking companies like CMS are the reason Scotland’s Central Belt is such an exciting and dynamic place to do business. Over the last three years, the business’ ambition and high-quality, modern offering has translated into strong and sustainable growth, both in Scotland, and across the rest of the UK. It’s been very rewarding to support David and the team and we wish them luck on the next step of their growth journey.”

LDC’s exit follows a strong 12-month period for the mid-market investor in Scotland. Last year it invested £15million in Duncan & Todd Group to support the leading optical provider’s ambitious buy and build growth strategy. Duncan & Todd has since acquired three complementary businesses. In November, LDC also bolstered its team in Scotland with the appointment of Lee Donaldson as Investment Director. The firm is committed to investing £1.2bn across the UK over the next three years.

Andrew Craig, Partner at Maven, added: “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.”

CMS Window Systems and its shareholders were advised by BDO.