Grimsby foundry Fowler and Holden has been bought out by engineering-focused TGM Partners.
The family-owned business, launched just over a century ago, employs 25 people from its 20,0000 sq ft Railway Street base, supplying products to the construction, rail and municipal market in the 海角视频.
It turned over £3 million last year and its FastFlow range of drainage products are commonly used in civil engineering works, with the name interspersing many a footpath.
Nick and Sarah Kitchen, at the helm for more than a decade, approached BTG Group, part of Begbies Traynor Group, to secure a sale.
The pair will now guide a smooth transition process to the new management team, as they prepare to exit the business established by Hector Fowler in 1919.
Mr Kitchen said: “I’m confident the business will prosper under TGM Partners who have exciting plans for the future of the business. The fact that the business has continued to grow revenues and secure new contracts and fulfil orders during a global pandemic is testament to the quality of our products made here in Grimsby and the skill of the experienced team, many of who have worked at the firm for years.
“It was important to us when selecting a buyer for the business that we were assured the business will go from strength to strength under new leadership. I’m proud to have been the custodian of the business for the past ten years and I’m certain the future is bright and there are many opportunities ahead for the business.”
TGM owns precision engineering and fastener-producing businesses across the 海角视频, including APB Engineering of Berkshire, Amtech Developments of Cheshire, Ardor Engineering of West Yorkshire and PT Engineers, RCF Bolt & Nut and GSS Fasteners in the West Midlands.
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Eric Kolodner, co-founding director of TGM Partners, said: “We are delighted to confirm the acquisition of this historic business in the heart of Grimsby. Fowler & Holden has a first class reputation in the marketplace, a highly skilled local workforce and demand is growing for its specialist products.
“Our team cares deeply about the incredible heritage of the business and all the staff and customers can be assured that our business plan is about stability and continuity followed by growth and development. We are excited about creating new relationships and partnerships for the business with our existing portfolio companies and their customers in complementary industry sectors.
“We are looking forward to transitioning members of the existing management team into enhanced leadership roles within the business during 2021 and building on the good work the company has delivered for more than a century.”
Both parties praised BTG for the handling of the undisclosed deal.
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Emma Jones, who acted for the Kitchens, said: “This is a great deal for everyone involved. TGM is committed to long term investments and the acquisition of Fowler & Holden complements its existing portfolio enabling it to continue on its growth curve. It was particularly important to the new owners and the vendor that the staff, brand and customers were prioritised and in TGM we’ve all been assured of their long term commitment and positive approach to growing and developing the business.”
The business legend is that Mr Fowler bought an old ship's funnell 'down dock' and made a cupula for melting cast iron in, with the link with the maritime industry continuing as it produced fire bars for the coal-fired trawlers. When Mr Fowler passed in 1958 son Stanley took over, and the business moved a short distance to its current premises in 1965 to make way for development of the neighbouring Freeman Street area. With more than 70 on the payroll it was at its physical peak, but by 1993, when John Hardy bought the company, numbers had dropped to those held in the present day.
Lisa Whitelam and Laura Coleman-Day of Burton & Dyson provided legal advice to the vendor. Andy Rusling of Marshalls Accountants provided tax advice.