Bufab has acquired TIMCO (´TI Midwood & Co Limited`) in the UK for GBP 54 million (US$71.6 million). A performance-based additional payment of up to GBP 20 million may be made in 2023-2024.

The deal represents the largest acquisition in Bufab’s 45-year history.

Founded in 1972 by Tim Midwood, TIMCO supplies C-parts, including screws, fasteners and fixings, nails, adhesives and hand tools, for the construction industry. It is headquartered in Nantwich, Cheshire, UK, with an additional sales office in Monaghan, Ireland. In 2021 the company had 187 employees and sales of approximately GBP 60 million with an 11% normalized operating margin. Web: Timco.co.uk

“It is a significant and attractive add-on to our existing businesses in the UK that will strengthen our position on the British market,” stated Johan Sandberg, Bufab director of global business development and UK group director. “We are confident that TIMCO will continue to grow and to keep its strong entrepreneurial DNA and excellent customer service also as a member of Bufab group.”

“This deal comes at a good time in TIMCO’s development and 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,” commented TIMCO managing director Simon Midwood.

TIMCO will join Bufab’s segment for UK/North America. The transaction will generate costs of approximately 10 MSEK in the first quarter of 2022.

Founded in 1977 in Vamamo, Sweden, Bufab began international expansion in 2005.  Today Bufab markets fasteners and C-parts and has 1,300 employees at 42 subsidiaries in 28 countries. Web: Bufab.com