This is a press release by Customade Group:

European Private Equity fund Nimbus, together with its financing source MidCap Financial, have agreed to buy the majority of the Customade Group out of administration and create a new group. The new group is made up of Virtuoso Doors, Polyframe Norwich, Polyframe Stonehouse, REAL Aluminium, Atlas, Fineline Aluminium and Stevenswood. This acquisition saves over 870 jobs and provides a strong footing for the acquired businesses to face the post-Covid -19 economic pressures and pursue the new owner’s ambitious growth plans.

Nimbus, the majority owners of the new group, are very experienced investors in manufacturing with a strong track record in supporting management teams to build strong, market-leading businesses. This transaction represents their second deal in the UK within the last 12 months. Alexander de Haas, of Nimbus, commented “We are delighted to invest in the Customade Group. The business has a market-leading product and customer service proposition but has faced unprecedented challenges in the last six months. Our investment will allow the group to recover and focus on a long-term growth strategy which will include significant investment in the manufacturing capability of the group.”

The new group management team will be led by Chief Executive David Leng who added “After an extensive process it has been good to find an experienced investment partner in Nimbus to save the majority of the Customade business in these exceptionally difficult economic circumstances.

“I am very disappointed for the great staff, suppliers and customers at the Polyframe Halifax and Polyframe Livingston factories. These sites were uneconomic to re-open and we were unable to raise funding in these difficult times to restart them. I would like to sincerely thank everyone for their hard work and understanding.

“For the new restructured group we can now look forward to a much stronger and certain future.“

About Nimbus:

Nimbus was founded in 1999 with the aim of investing in mostly industrial companies requiring both capital and management support. Nimbus has a true hands-on approach to investing and employs a team of professionals that devote most of their time helping portfolio companies improve their business. Nimbus has successfully invested three funds to date and is currently investing through its fourth fund. Having started out in The Netherlands, Nimbus expanded into Germany in 2004. Being focused on industry, expansion into the UK was the next logical step in 2019. Nimbus has offices in Zeist, Munich and Leeds. To date Nimbus has invested in two businesses based in the UK, Halo Foods and Paralloy. More details can be found on the Nimbus website.

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