Swedish firm Bufab has acquired Nantwich company TIMCO (TI Midwood & Co Limited), one of the UK\u2019s leading suppliers of essential construction products.<\/p>\n
Simon Midwood will continue to run the business with the senior team at TIMCO, on Green Lane in Wardle.<\/p>\n
The company reported a turnover of \u00a349.7 million in 2020, and is expected to report a turnover of approximately \u00a360 million for 2021.<\/p>\n
The price paid on closing of the transaction amounts to \u00a354 million on a cash-free\/debt-free basis.<\/p>\n
A performance-based additional payment may be made in 2023-2024 conditional on operating profit.<\/p>\n
The company has been family-owned since its foundation in 1972 by Tim Midwood, and is currently run by Tim\u2019s son, Simon who is managing director.<\/p>\n
Under his leadership, TIMCO has expanded to become a one-stop-shop for more than 4,500 independent merchants across the UK and Ireland.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“It is a significant and attractive add-on to our existing businesses in the UK.<\/p>\n
“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.<\/p>\n
“This strategic expansion in the UK market further underlines our commitment to grow and widen our offering in new market segments.<\/p>\n
“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.<\/p>\n
“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.”<\/p>\n
Simon Midwood, MD at TIMCO, added: “We look forward to working with our new colleagues at Bufab in driving the company forward.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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