Nimbus exits two investments and prepares new deal

Nimbus chair Chris Clegg

European investor Nimbus has exited two investments in Yorkshire and the North East, and teased news of an imminent deal.

It has exited Paralloy and Hawthorn Timber, which it said provided “a strong justification for the expansion of Nimbus’s investment activities into the UK in 2019 despite post-Brexit concerns about inward UK investment”.

Nimbus launched its UK office in 2019 with the appointment of former Endless partner Chris Clegg as chairman.

Clegg said: “I’m delighted we have delivered on our commitment to support traditional UK manufacturing, and we will continue to do so.”

Paralloy’s chief executive Robert McGowan has led the management buyout of the group.

Nimbus bought Paralloy from Doncasters Group in January 2020 and grew its sales and manufacturing footprint in Teesside and Sheffield.

Paralloy, a global leader in the production of high quality centri-spun, static cast steel and nickel based products, has doubled its workforce and acquired two other companies together with investing more than £10m in machinery.

Hull-based timber processing business Hawthorn Timber operates from five sites and employs 140 people. In the three years under Nimbus’s ownership, it has strengthened its position by investing in additional manufacturing capability while competitors have exited the market.

David Keenan, who leads UK investment at Nimbus and was lead investment director on both the Paralloy and Hawthorn investments, said: “Whilst we are delighted to exit investments it is equally important for us, as an investor, to continue to support new businesses needing transformation.

“As such I hope to be announcing a new member of the Nimbus UK portfolio very shortly continuing our commitment to established and traditional UK industry.”

Click here to sign up to receive our new South West business news...
Close