Mon, 16 Sep 2024 | MBO/MBI
Private equity investor Nimbus has acquired a Yorkshire-based floor coverings company, backing a management buyout (MBO) at the firm, which has been under family ownership for more than 60 years. The acquisition of National Floorcoverings Group is the first investment out of Nimbus’ new Fund V investment vehicle.
The acquisition, for an undisclosed sum, backs an MBO by incumbent Managing Director David Rhodes, alongside his management team. The deal follows pan-European investor Nimbus’ successful exits from two UK manufacturing companies, Paralloy and Hawthorn Timber, earlier this year.
National Floorcoverings Group (NFCG) is a flooring manufacturer operating from two sites in Heckmondwike and Rotherham. The group is comprised of four market facing divisions: Heckmondwike, Paragon, Playrite and Mat.Works.
The group’s products include fibre bonded carpets for the education sector, tufted carpet tiles for the commercial market, specialised indoor and outdoor sports surfaces and aluminium/modular entrance matting. The company employs approximately 120 staff across its two sites and generates annual turnover of around £22 million.
David Keenan led the investment for Nimbus, with the buyer's deal team also comprising Chris Clegg and Daniel Thomas. Nimbus was advised by Shoosmiths and BDO on the transaction, while the vendors were advised by Provantage Corporate Finance and Travers Smith.
Nimbus Investment Director David Keenan commented: “NFCG holds a very strong market presence in the UK and we hope to work with David and his team to advance further export opportunities whilst introducing new product ranges to our existing markets.”
NFCG Managing Director David Rhodes added: “This investment marks an exciting new chapter for the group and we are looking forward to working with Nimbus who have an excellent track record in supporting UK manufacturers adapt to ever-changing commercial landscapes.”
Find out more about private equity activity in the UK manufacturing sector
Read more about how UK owners are using MBOs as an exit strategy
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