Tue, 16 Apr 2024 | MBO/MBI
MRO+ Solutions, a specialist distributor of critical products to the process and manufacturing industries, says it will target both organic and acquisitive growth after securing private equity backing.
NVM Private Equity has backed a management buyout (MBO) of the company, which sees the business acquired from Cairngorm Capital Partners. The firm is backing MRO+’s incumbent management team, led by MD Matt Cattell, who has helped drive a 50 per cent increase in revenue since joining the company four years ago.
MRO+ was formed by Cairngorm Capital in 2018 through the acquisitions of Leeds-based Helix Tool Company and Grimsby-headquartered MJ Wilson Group. Helix Tool Company provides technical support to precision manufacturing clients supporting their tooling requirements, while MJ Wilson is a specialist distributor of process instrumentation and control products to industries including energy, power generation and process.
NVM’s investment, led by Charlie Pidgeon, Oliver Wildig and Mauro Biagioni, is the firm’s second in two months and takes its total deal count to nine transactions in under 18 months. Upon completion, Kevin Appleton will join MRO+’s board as non-executive chairman, bringing significant M&A and distribution sector expertise to the company.
Matt Cattell, managing director of MRO+ Solutions, said: "We are thrilled to join forces with NVM Private Equity. This partnership will enable us to further strengthen our position in the market and capitalise on new opportunities, through organic and acquisitive growth. With NVM's support, we are confident that we can continue to deliver exceptional value to our customers and team members, driving long-term success for our business.”
NVM investment partner Charlie Pidgeon added: "We have been highly impressed with the quality of the senior leadership team, the growth they have achieved and their vision for the future. We look forward to fully supporting the team in achieving their organic growth plans and pursuing acquisitions to consolidate what is a highly fragmented market."
Read more about the range of financing options available to acquisitive UK companies
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