Tue, 16 Feb 2021 | BUSINESS SALE
Investment firm TGM Partners, which specialises in the acquisition of family-owned businesses, has completed a deal for Grimsby-based foundry and engineering company Fowler & Holden.
The deal was advised on by Emma Jones of BTG Advisory, part of the Begbies Traynor Group. BTG Advisory were appointed by Fowler & Holden’s owners, husband and wife Nick and Sarah Kitchen, to find a suitable buyer.
Nick and Sarah Kitchen, who acquired the company in 2010, will exit the business as part of the deal after guiding a transition process for the new management team.
Fowler & Holden, which was founded in 1919, employs 25 staff and had turnover of £3 million in 2020. The company manufactures and supplies products for the UK’s construction, rail and municipal market from its 20,000 sq. ft. headquarters on Grimsby’s Railway Street.
TGM Partners says that the acquisition of Fowler & Holden will complement its existing portfolio, of nine industrial and engineering firms and supports its long-term strategy of acquiring UK family-owned businesses and driving their further growth.
TGM Partners co-founding director Eric Kolodner said: We are delighted to confirm the acquisition of this historic business in the heart of Grimsby. Fowler & Holden has a first-class reputation in the marketplace, a highly skilled local workforce and demand is growing for its specialist products.”
“Our team cares deeply about the incredible heritage of the business and all the staff and customers can be assured that our business plan is about stability and continuity followed by growth and development. We are excited about creating new relationships and partnerships for the business with our existing portfolio companies and their customers in complementary industry sectors.”
“We are looking forward to transitioning members of the existing management team into enhanced leadership roles within the business during 2021 and building on the good work the company has delivered for more than a century.”
Nick Kitchen commented: “I’m confident the business will prosper under TGM Partners who have exciting plans for the future of the business. The fact that the business has continued to grow revenues and secure new contracts and fulfil orders during a global pandemic is testament to the quality of our products made here in Grimsby and the skill of the experienced team, many of who have worked at the firm for years.”
“It was important to us when selecting a buyer for the business that we were assured the business will go from strength to strength under new leadership. I’m proud to have been the custodian of the business for the past ten years and I’m certain the future is bright and there are many opportunities ahead for the business.”
“BTG Advisory, who have led this transaction on our behalf, have been excellent through this process. They identified the correct type of buyer for the business and advised us professionally throughout. As an owner manager I couldn’t have wished for anything better to ensure the transaction went smoothly so that an experienced and ambitious new management team can continue to move the business forwards.”
BTG Advisory’s Emma Jones added: “This is a great deal for everyone involved. TGM is committed to long term investments and the acquisition of Fowler & Holden complements its existing portfolio enabling it to continue on its growth curve. It was particularly important to the new owners and the vendor that the staff, brand and customers were prioritised and in TGM we’ve all been assured of their long-term commitment and positive approach to growing and developing the business.”
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