Fri, 09 Aug 2024 | BUSINESS SALE
Private equity firm Nimbus has completed an exit from two investments in the UK. The firm has exited manufacturer Paralloy and timber processing business Hawthorn Timber, with both businesses having seen significant growth under Nimbus’ ownership.
Paralloy, which was acquired from the Doncasters Group in 2019, specialises in manufacturing high-quality centri-spun, static cast steel and nickel-based products, operating from bases in Teesside and Sheffield.
Under Nimbus’ ownership the company has doubled its workforce, grown both its sales and manufacturing footprint, acquired two other companies and invested more than £10 million in new machinery. Its growth over recent years culminated earlier this year, when it was awarded the King’s Award for International Trade.
Hawthorn Timber, which is based in Hull, was acquired by Nimbus through a management buyout (MBO) in 2021. The company supplies timber to the holiday home sector, operating from five sites and employing approximately 140 staff.
With Nimbus’ backing, the company has invested in additional manufacturing capability to bolster its market position and, in 2022, recorded record profits.
David Keenan, who leads UK investment at Nimbus and acted as lead investment director on both the Paralloy and Hawthorn investments, commented: "Whilst we are delighted to exit investments it is equally important for us, as an investor, to continue to support new businesses needing transformation.”
"As such I hope to be announcing a new member of the Nimbus UK portfolio very shortly continuing our commitment to established and traditional UK industry."
Nimbus opened its UK office in Leeds in 2019, recruiting private equity veteran Chris Clegg as Chairman. Clegg was previously a founder at SME fund Enact and a partner at private equity firm Endless.
He commented: "I was approached by Nimbus to expand their successful investment operations into the UK despite it being a crowded market and awash with capital. Having persuaded my business associate David Keenan to join me and with the sponsorship of Leeds City Council chief executive Tom Riordon, we launched Nimbus UK in Leeds in 2019.”
"I'm delighted we have delivered on our commitment to support traditional UK manufacturing, and we will continue to do so."
Private equity is expected to continue playing a vital role in manufacturing sector M&A
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