Hull-headquartered Hawthorn Timber is in new ownership as it closes in on 70 years of serving the city and beyond.
Managing director Richard Thompson, sales director Richard Iversen and production director James Stone have completed a management buy-out, taking on the timber merchant business with backing from the European private equity investor Nimbus.
Founded in 1953 by Dennis and Sheila Stone, sons Trevor and Michael had then led it on, passing responsibilities to the management team in 2005.
It now employs 120 people, operating from five sites, with headquarters in Wyke Street.
Mr Thompson, said: "This transaction represents the start of an exciting new chapter for Hawthorn. 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 company deals predominantly in soft wood-based products and sheet materials, carrying more than 3,000 mouldings with bespoke potential, processing and distributing more than 80,000 sq m annually.
Nimbus is described as a very experienced investor in manufacturing, with a track record in supporting management teams to build strong, market leading businesses. The transaction represents Nimbus’s fourth investment in the 海角视频 manufacturing sector following the acquisitions of Halo Foods, Paralloy and Customade Group.
Chris Clegg, head of Nimbus in the 海角视频, 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 Stone family.