European Private Equity fund Nimbus, together with its financing source MidCap Financial, have agreed to buy the majority of the Customade Group out of administration and create a new group.
The new group is made up of Virtuoso Doors, Polyframe Norwich, Polyframe Stonehouse, REAL Aluminium, Atlas, Fineline Aluminium and Stevenswood. This acquisition saves over 870 jobs and provides a strong footing for the acquired businesses to face the post Covid-19 economic pressures and pursue the new owner’s ambitious growth plans.
Nimbus, the majority owners of the new group, are very experienced investors in manufacturing with a strong track record in supporting management teams to build strong, market leading businesses. This transaction represents their second deal in the UK within the last 12 months.
Alexander de Haas, of Nimbus, commented: We are delighted to invest in the Customade Group. The business has a market leading product and customer service proposition but has faced unprecedented challenges in the last six months. Our investment will allow the group to recover and focus on a long-term growth strategy which will include significant investment in the manufacturing capability of the group.
The new group management team will be led by Chief Executive David Leng who added: After an extensive process it has been good to find an experienced investment partner in Nimbus to save the majority of the Customade business in these exceptionally difficult economic circumstances. I am very disappointed for the great staff, suppliers and customers at the Polyframe Halifax and Polyframe Livingston factories. These sites were uneconomic to re-open and we were unable to raise funding in these difficult times to restart them. I would like to sincerely thank everyone for their hard work and understanding. For the new restructured group we can now look forward to a much stronger and certain future.