TIMCO has been family-owned since its foundation in 1972 by Tim Midwood, and is currently run by his son, Simon Midwood, managing director.
The company has expanded to become a one-stop-shop for more than 4,500 independent merchants, supplying essential products that trade professionals rely on every day — such as screws, fasteners and fixings, nails, adhesives and chemicals, power-tool accessories, hand tools, building hardware, site protection, security, and PPE.
“This deal will enable us to accelerate our growth and continue expanding the range of products and services we offer, while still maintaining our first-class customer service,” said Simon Midwood. He will continue to run the business with the senior team at TIMCO. “We look forward to working with our new colleagues at Bufab in driving the company forward.”
The purchase price paid upon closing of the transaction amounts to £54 million on a cash-free/debt-free basis. A performance-based additional payment may be made in 2023-2024 conditional on operating profit.
“I am honored and very happy to announce this acquisition, which is the largest acquisition so far for Bufab,” said Johan Sandberg, director of Bufab’s Global Business Development and Group Director. “TIMCO is a very strong brand within C-parts to the construction industry and will significantly improve Bufab’s customer offering in this market segment.”
Bufab was founded in 1977 and is now an international company with operations in 28 countries.
TIMCO was advised by Clearwater International (corporate finance), Addleshaw Goddard (legals) and EY (financial due diligence), and Bufab was advised by PwC (financial due diligence) and Walker Morris (legals).