CHESHIRE, England, March 21, 2022 /PRNewswire/ -- Bufab, a Swedish based C-Parts Supply Chain Partner, has acquired TIMCO (TI Midwood & Co Limited), one of the UK's leading suppliers of essential construction products.
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 £49.7 million in 2020, and is expected to report a turnover of approximately £60 million for 2021.
The purchase price paid upon closing of the transaction amounts to £54 million 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 Tim's son, Simon Midwood, Managing Director. Under Simon'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, powertool accessories, hand tools, building hardware and site protection, security and ironmongery and PPE.
Johan Sandberg, Director Global Business Development and Group Director UK, comments: "I am honoured and very happy to announce this acquisition, which is the largest acquisition so far for Bufab. It is a significant and attractive add-on to our existing businesses in the UK. TIMCO is a very strong brand within C-parts (Screws, fasteners and fixings, nails etc) 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. We look forward to working with our new colleagues at Bufab in driving the company forward." says Simon Midwood, MD at TIMCO.
TIMCO was advised by Clearwater International (corporate finance), Addleshaw Goddard (legals) and EY (financial due diligence), and Bufab was advised by PwC (financial due diligence) and Walker Morris (legals).
About Bufab
Bufab AB (publ), Corporate Registration Number 556685-6240, is a trading company that offers its customers a full-service solution as Supply Chain Partner for sourcing, quality control and logistics for C-Parts (screws, nuts, etc.). Bufab's Global Parts ProductivityTM customer offering aims to improve productivity in the customers' value chain for C-Parts.
Bufab was founded in 1977 in Småland and is an international company with operations in 28 countries. The head office is located in Värnamo, Sweden, and Bufab has about 1,500 employees. Bufab's net sales for the past 12 months amounted to SEK 5.9 billion and the operating margin was 11.8 percent. The Bufab share is listed on Nasdaq Stockholm, under the ticker "BUFAB". Please visit www.bufab.com for more information.
About TIMCO
TIMCO prides itself on providing an award-winning service and searching for new, innovative ways to support its customers. TIMCO is a one-stop-shop for over 4,500 independent builders' merchants across the UK and Ireland supplying essential products that trade professionals rely on every day. Over the past 18 months the product portfolio has increased from 5,500 to over 7,000 lines and all products have been rebranded to come under the TIMCO umbrella.
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SOURCE TIMCO
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