Private investment firm Rcapital has supported the MBO of Barnsley-based heat exchange engineering group Thornhill Heat Exchangers.
Established in 1988, Thornhill designs, services and manufactures heat exchange products, specialising in plate heat exchanger spares and servicing, along with the design and manufacture of shell & tube and air-cooled heat exchangers.
It serves a blue-chip customer base in the oil and gas, steel, rail, nuclear, food & drink and power generation sectors.
The deal secures over 100 jobs in the engineering sector and will provide both financial stability for the business and a platform for future growth.
Rcapital has worked closely with the management team to agree and support a growth strategy, focussing not only on Thornhill’s established business divisions in Grimethorpe, where the business already has a leading position in the heat exchanger market, but also its service division in Blaydon and the rail division in Atherstone.
David Lilley, Group Managing Director at Thornhill Group Limited said: “I am delighted to be working with Rcapital and look forward to an exciting growth period for our engineering, rail and rubber divisions, driving better performance for customers, suppliers and our employees”
Josie Richardson, Director at Rcapital, added: “By offering our continued turnaround expertise and significant sector experience, we fully support the management and operational teams and will work with them to ensure the best possible customer service and sustainable growth.
“Furthermore, by facilitating a partnership with our existing portfolio company Green’s, the transaction will allow the businesses to work together and collectively benefit from each other’s knowledge and experience in the sector.”