Swedish firm Bufab has acquired Nantwich company TIMCO (TI Midwood & Co Limited), one of the UK’s leading suppliers of essential construction products.
Simon Midwood will continue to run the business with the senior team at TIMCO, on Green Lane in Wardle.
The company reported a turnover of £49.7 million in 2020, and is expected to report a turnover of approximately £60 million for 2021.
The price paid on closing of the transaction amounts to £54 million on a cash-free/debt-free basis.
A performance-based additional payment may be made in 2023-2024 conditional on operating profit.
The company has been family-owned since its foundation in 1972 by Tim Midwood, and is currently run by Tim’s son, Simon who is managing director.
Under his leadership, TIMCO has expanded to become a one-stop-shop for more than 4,500 independent merchants across the UK and Ireland.
It supplies essential products for trade professionals such as screws, fasteners and fixings, nails, adhesives and chemicals, powertool accessories, hand tools, building hardware and site protection, security and ironmongery and PPE.
Johan Sandberg, director global business development and group director UK, said: “I am honoured and very happy to announce this acquisition, which is the largest acquisition so far for Bufab.
“It is a significant and attractive add-on to our existing businesses in the UK.
“TIMCO is a very strong brand within C-parts (Screws, fasteners and fixings, nails etc) to the construction industry and will significantly improve Bufab’s customer offering in this market segment.
“This strategic expansion in the UK market further underlines our commitment to grow and widen our offering in new market segments.
“We are confident TIMCO will continue to grow and to keep its strong entrepreneurial DNA and excellent customer service also as a member of Bufab group.
“This deal will enable us to accelerate our growth and continue expanding the range of products and services we offer, while still maintaining our first-class customer service.”
Simon Midwood, MD at TIMCO, added: “We look forward to working with our new colleagues at Bufab in driving the company forward.”
