European investors acquire specialist manufacturers

Leeds-based Nimbus has completed the purchase of the centrifugal castings division of Doncaster’s Group for an undisclosed sum.

The division comprises South Yorkshire based FVC and Teeside based Paralloy, both providers of specialist products to the domestic and international markets in the aerospace and petrochemical industries respectively.

Nimbus has backed the senior management team, led by Chief Executive Robert McGowan, to acquire the business and will use its pan European footprint to support Paralloy and FVC’s growth and export plans.

David Keenan investment director at Nimbus, who led the deal commented, “Paralloy represents a great example of UK manufacturing despite these uncertain economic times. The combination of a strong management team, market leading products and stated growth ambition provides the perfect setting for Nimbus to invest.”

Nimbus was founded in the Netherlands in 1999 before expanding into German in the early 2000’s. It now has offices in Leeds, Munich and Zeist with plans for an office in Manchester in 2020.

Nimbus UK Chairman, Chris Clegg added: “I’m delighted that our differentiated UK proposition is attracting large corporates to choose Nimbus when considering complex carve outs of their non-core divisions.

“When we opened in the UK last year our strategy was to support talented management teams unlock the potential in traditional economy businesses. We have been able to stand by our commitment and believe 2020 will represent an even stronger year for investment in traditional UK sectors such as manufacturing & engineering.”

Sentio Partners acted as lead financial adviser. Addleshaw Goddard, Eversheds Sutherland, Squire Patton Boggs, Gateley Plc, Freeths & Ward Hadaway provided legal advice to various parties. Arbuthnot Commercial Asset Based Lending and Santander UK Plc both provided funding & banking support. BDO provided tax structuring and diligence advice.

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