A trio of senior managers of Hawthorn Timber has led an MBO at the Hull-based processor and distributor of soft wood-based products and sheet materials.
The company was founded in 1969 and, at present, employs 120 people across five sites.
Now MD Richard Thompson, alongside Sales Director Richard Iversen and Production Direction James Stone, has led an MBO backed by European private equity investor Nimbus.
According to Mr Thompson, the deal “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,” he said.
Chris Clegg, head of Nimbus in the UK, 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.