Bufab, a Swedish-based C-Parts supply chain partner, has acquired TIMCO (TI Midwood & Co Limited).
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 Midwood’s son, Simon, Managing Director. Under his leadership, TIMCO has expanded to become a one-stop-shop for over 4,500 independent merchants across the UK and Ireland.
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 more than 1,300 employees.
Johan Sandberg, Director Global Business Development and Group Director UK at Bufab, commented: “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, MD at TIMCO, 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.”
