Close Brothers Private Equity (CBPE) has backed Webgrove Holdings, one of its investee companies, in the acquisiton of the trade and certain assets of Excel Timbalex from its administrative receiver. CPBE has committed £3m to the deal which is worth £5.5m including working capital.
Excel Timbalex is a producer of injection moulding plastic components used in the automotive sector. It has significant market share as a supplier of “wood effect” trim for automotive interior decorative uses. Its key customers include Jaguar, Ford, General Motors and Lear Corporation. The business also has a small involvement in general moulding products for consumer electronics applications.
Webgrove’s other operations include businesses focused on the automotive and electronics markets. The enlarged group will have turnover of approximately £35m and expects further growth having won new contracts.
John Snook, managing director of CBPE and a non-executive director on the Webgrove board, said: “The Excel Timbalex operations are a natural fit with Webgrove and provide it with greater critical mass in its key target markets. This is our fourth acquisition behind the Webgrove team who have made a great success of the group to date.”