Maintenance and repair specialist MRO+ Solutions Limited has secured the backing of NVM Private Equity in a deal that will give the Grimsby group acquisitive fire power.
MRO includes process instrumentation and control products distributor MJ Wilson and tooling specialist Helix Tools. NVM says it is backing the £16.7m turnover group’s incumbent team led by Matt Cattell, who joined four years ago.
The undisclosed agreement with NVM has brought to the table funding for acquisitions with the private equity SME specialist saying MRO’s market is ripe for consolidation. It will also see Kevin Appleton join MRO’s board as non-executive chairman. He is said to bring significant experience in the distribution sector and expertise in M&A.
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NVM says MRO has outperformed its market with impressive organic growth thanks to a strategy which sees its engineers become deeply embedded in customers’ business. MJ Wilson supplies a range of clients in the energy and process industries while Helix, which is based out of Leeds, provides technical support to precision manufacturing clients.
Matt Cattell, managing director of MRO+ Solutions, said: “We are thrilled to join forces with NVM Private Equity. This partnership will enable us to further strengthen our position in the market and capitalise on new opportunities, through organic and acquisitive growth. With NVM’s support, we are confident that we can continue to deliver exceptional value to our customers and team members, driving long-term success for our business.”
NVM’s investment was led by Charlie Pidgeon, Oliver Wildig and Mauro Biagioni. The move means NVM is on course to complete nine deals in less than eighteen months. Mr Pidgeon, investment partner of NVM, said: “We have been highly impressed with the quality of the senior leadership team, the growth they have achieved and their vision for the future. We look forward to fully supporting the team in achieving their organic growth plans and pursuing acquisitions to consolidate what is a highly fragmented market.”
NVM was given legal advice by Womble Bond Dickinson; commercial due diligence was supplied by Fairgrove; financial due diligence by BDO; management due diligence by Continuum; insurance due diligence by Lockton; tax structuring by Deloitte, and vendor corporate finance by Arrowpoint Advisory. MRO and its management was provided with legal advice by Browne Jacobson.