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.
Headquartered in Nantwich, Cheshire, TIMCO 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 £54million on a cash-free/debt-free basis. A performance-based additional payment may be made in 2023-2024 conditional on operating profit.
Founded in 1972 by Tim Midwood, the company remained family-owned and is currently led by Tim’s son, Simon Midwood as Managing Director and Simon will continue to run the business with the existing senior team at TIMCO. Under Simon’s leadership, the business 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 for Bufab, said: “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.”
Simon Midwood commented: “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.”
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).”
