Mon, 12 Jun 2023 | BUSINESS NEWS
Exeter-based Troy, an independent UK network for industrial and engineering supplies, has secured £15.5 million from BGF to support its M&A led growth strategy. Troy was founded in 1986 and operates as an independent maintenance, repair and overhaul (MRO) product distributor.
The firm serves a range of sectors, including manufacturing, renewables, rail, automotive, medical, trade and aerospace, operating across the UK via a network of distribution centres and a 400-plus strong buying group.
The company was acquired by current owner Paul Kilbride in 2010 and, since then, has seen rapid growth, establishing itself as one of the UK’s largest independent distribution networks serving the engineering and industrial sector, with turnover of more than £300 million.
The investment from BGF will further accelerate Troy’s growth strategy, with the company having identified a “significant pipeline of opportunities”. The investment deal was led by James Skade and Hannah Waters, part of BGF’s South West team based in Bristol.
Troy Chief Executive Paul Kilbride said that the firm had been seeking a minority investment partner that recognised its capabilities in order to deliver its structured growth strategy. Kilbride added: “We are confident that with BGF as key allies we will maintain our growth trajectory and realise the company’s ambition.”
BGF investor James Skade added that the transaction was an opportunity for the fund “to invest in a thriving national business network with an excellent reputation and a huge potential for growth” and that BGF would support Troy “to deliver on its ambitious growth plans.”
Former Wickes CEO Simon King has also joined Troy as the company’s non-executive chair following an introduction through BGF’s Talent Network. King said he would be “working alongside the wider team and BGF to capitalise on significant market opportunities and to position the business for further growth.”
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