We’re excited to announce that we recently acquired a 100-year-old foundry and engineering firm in Lincolnshire, ensuring its heritage for many years to come.
Fowler & Holden, of Grimsby, was founded in 1919 by Hector Fowler, and employs 25 people. Turnover last year was £3m.
The company manufactures and supplies products for the construction, rail and municipal market from its 20,000sq ft headquarters in the coastal town. In recent years, it has become known for its FastFlow range of drainage products, which are frequently used in civil engineering works.
The business was bought in 2010 by husband-and-wife Nick and Sarah Kitchen; Nick will remain on hand for a while to ensure the smooth transition to the TGM management team.
For us, the acquisition is a perfect fit with our existing portfolio of nine other industrial and engineering firms, further supporting our long-term strategy of acquiring and nurturing family-owned UK businesses.
Director Eric Kolodner said: “We are delighted to confirm the acquisition of this historic business in the heart of Grimsby. Fowler & Holden has a first-class reputation in the marketplace, a highly skilled local workforce and demand is growing for its specialist products.
“Our team cares deeply about the incredible heritage of the business and all the staff and customers can be assured that our business plan is about stability and continuity followed by growth and development. We are excited about creating new relationships and partnerships for the business with our existing portfolio companies and their customers in complementary industry sectors.
“We are looking forward to transitioning members of the existing management team into enhanced leadership roles within the business during 2021 and building on the good work the company has delivered for more than a century.”
Nick Kitchen added: “I’m confident the business will prosper under TGM Industrial, who have exciting plans for the future of the business. The fact that the business has continued to grow revenues and secure new contracts and fulfil orders during a global pandemic is testament to the quality of our products made here in Grimsby and the skill of the experienced team, many of whom have worked at the firm for years.
“It was important to us when selecting a buyer for the business that we were assured the business will go from strength to strength under new leadership. I’m proud to have been the custodian of the business for the past ten years and I’m certain the future is bright and there are many opportunities ahead for the business.”
The Kitchens appointed BTG Advisory, part of Begbies Traynor Group, to find a suitable buyer for the firm.
Emma Jones, of BTG Advisory, said: “This is a great deal for everyone involved. It was particularly important to the new owners and the vendor that the staff, brand and customers were prioritised and in TGM we’ve all been assured of their long-term commitment and positive approach to growing and developing the business.”
Ensuring the future of such historic firms is a key part of our work at TGM Industrial, and we’re proud to play our part in keeping the UK’s industrial and engineering heritage alive.