Nimbus backs manufacturer’s MBO in first deal from Fund V
Private equity investor Nimbus has made the first investment out of its Fund V with the purchase of Yorkshire manufacturer National Floorcoverings Group.
The acquisition, for an undisclosed amount, backs a management buyout led by managing director David Rhodes of a company that has been under family ownership for 60 years.
The £22m-turnover group employs around 120 people across its sites in Heckmondwike and Rotherham. NFCG produces a range of floor coverings which includes fibre-bonded carpets for the education market, tufted carpet tiles for the commercial sector, aluminium/modular entrance matting and specialised indoor and outdoor sports surfaces.
Nimbus is a pan-European investor which is led in the UK by former Endless partner Chris Clegg. The investment follows exits from two UK manufacturing businesses, Paralloy and Hawthorn Timber, earlier this year.
David Keenan, who led the investment for Nimbus, said: “NFCG holds a very strong market presence in the UK and we hope to work with David and his team to advance further export opportunities whilst introducing new product ranges to our existing markets.”
NFCG consists of four market-facing divisions: Heckmondwike, Paragon, Playrite and Mat.Works.
Rhodes added: “This investment marks an exciting new chapter for the group and we are looking forward to working with Nimbus who have an excellent track record in supporting UK manufacturers adapt to ever-changing commercial landscapes.”
Nimbus deal team comprised of Chris Clegg, David Keenan and Daniel Thomas and was advised by Shoosmiths and BDO. The vendors of NFCG were advised by Provantage Corporate Finance and Travers Smith.
