Grove Industries backs bus shelter group acquisition

GIL Investments, an associate of West Midlands industrial conglomerate Grove Industries, has led and backed the acquisition of public transport infrastructure group Trueform Engineering.

Trueform – which designs, manufactures and installs passenger shelters and digital information systems – has been acquired by a consortium of private shareholders for an undisclosed sum. The firm has annual sales of £20m and employs more than 180 people, mostly at Hayes, Middlesex and Newcastle upon Tyne.

The firm is a major supplier to Transport for London (TfL) but has a large number of other customers in the UK and overseas including The West Midlands Passenger Transport Executive (Centro) and Transport for Greater Manchester (TfGM). Solutions are provided for all forms of public transport including bus, rail, metro and air travel.

Grove Industries, which is based in Stratford-on-Avon, has a track record spanning more than two decades for investing in and improving businesses. 

Mike Gillett, managing director of another Grove Industries business, Covpress Holdings, has been appointed chairman of Trueform while Jonathan Morley, previously Trueform’s business development director, has been promoted to group managing director. Other management team members remain in post.

Richard Banham, investment director at GIL Investments, said: “Trueform is a progressive, leading edge manufacturing organisation.

“The business operates in a rapidly growing, sustainable and profitable business sector which is flying the flag for British design and manufacturing on an international scale.

“We are delighted to be working in partnership with Trueform’s management team and to support their growth and development aspirations over the long term.”

Grove Industries was supported in the transaction by Gateley (legal advice) and RSM Tenon (financials). Centric Commercial Finance provided finance for the deal.