Bufab acquires Thunderbolts Group
17 August 2017
Bufab Group, through its subsidiary Montrose Holdings Ltd, has acquired 100% of the shares in the privately owned Thunderbolts Group Limited, in Southampton, UK.
The acquisition completed with immediate effect, and the company will be reported in Bufab’s segment ‘International’.
Thunderbolts was founded in 1991 and has, through steady growth, developed into a significant supplier to the construction, manufacturing, marine and healthcare industries in the south of England. The company had net sales in 2016 of GB£2.9 million (€3.3 million), good profitability and 19 employees.
“Thunderbolts is recognised as a stable and respected provider of fasteners and other C-parts in the region around Southampton, and it will be an excellent complement to Montrose and to our other operations in the UK,” says Jörgen Rosengren, Bufab’s CEO. “We are therefore happy to welcome the Thunderbolts team as a new sister company in the Bufab Group.”
“Montrose has a strong brand name in the UK market and Bufab is a recognised international leader in our industry,” says Theresa Wittcomb and Langdon Lloyd – Thunderbolts’ directors and owners. “We look forward to continue growing our business with the entire Thunderbolts team together with our new colleagues.”
Bufab expects to book acquisition related costs amounting to approximately SEK5 million (€500,00) in the second quarter of 2017. These are attributable both to the acquisition of Thunderbolts and, due to the positive performance of acquired companies in previous years, to revaluation of conditional purchase considerations.
