MBO marks start of a new chapter for timber firm
Established timber processor and distributor Hawthorn Timber Limited has undergone a management buy-out with backing from the European private equity investor Nimbus as it looks to start “an exciting new chapter”.
Hull-based Hawthorn Timber is a leading processor and distributor of high-quality soft wood-based products and sheet materials, that was founded in 1953. Since then it has grown into a successful business through product innovation, diversification, and exceptional customer service.
The business currently operates from five sites and employs around 120 people supplying a broad range of customers.
The MBO team was led by managing director Richard Thompson, alongside sales director Richard Iversen and production director James Stone.
Thompson, said the deal “represents the start of an exciting new chapter for Hawthorn”.
He added: “Our success to date has been built on our relentless focus on serving our customers and the investment and partnership with Nimbus will allow us grow whilst sticking to our core values.”
The transaction represents Nimbus’s fourth investment in the UK manufacturing sector following the acquisitions of Halo Foods, Paralloy and Customade Group.
Chris Clegg, head of Nimbus in the UK, said: “We are delighted to support such a talented management team in a dynamic sector. Richard and his team have delivered incredible growth in recent years and we are excited to be part of the ambitious future plans for the business.”
Shawbrook Bank provided both acquisition and working capital finance to support the transaction advised by Shoosmiths in Leeds. David Keenan led the deal for Nimbus who were advised by the Leeds teams of Womble Bond Dickinson Sentio Insights and BDO tax advisory. RSM and Rollits advised the sellers.
