Simon Midwood will continue to run the business with the senior team at TIMCO, which is headquartered in Nantwich, Cheshire. The company reported a turnover of £49.7m in 2020, and is expected to report a turnover of approximately £60m for 2021.
The purchase price paid upon closing of the transaction amounts to £54m on a cash-free/debt-free basis. A performance-based additional payment may be made in 2023-2024 conditional on operating profit.
The company has been family-owned since its foundation in 1972 by Tim Midwood, and is currently run by his son, Simon Midwood, managing director. Under Simon Midwood’s leadership, TIMCO has expanded to become a one-stop-shop for over 4,500 independent merchants across the UK and Ireland, supplying essential products that trade professionals rely on every day, such as screws, fasteners and fixings, nails, adhesives and chemicals, power tool accessories, hand tools, building hardware and site protection, security and ironmongery and PPE.
“I am honoured and very happy to announce this acquisition, which is the largest acquisition so far for Bufab,” said Johan Sandberg, director global business development and group director UK.
“It is a significant and attractive add-on to our existing businesses in the UK. TIMCO is a very strong brand within C-parts to the construction industry and will significantly improve Bufab's customer offering in this market segment. This strategic expansion in the UK market further underlines our commitment to grow and widen our offering in new market segments and we are confident that TIMCO will continue to grow and to keep its strong entrepreneurial DNA and excellent customer service also as a member of Bufab group.
"This deal will enable us to accelerate our growth and continue expanding the range of products and services we offer, while still maintaining our first-class customer service,” said Mr Midwood. “We look forward to working with our new colleagues at Bufab in driving the company forward.”
