10.21.19
On Sept. 3, 2019, Low & Bonar announced that it completed the sale of its civil engineering business, which includes the production facilities in Belgium and Hungary, to Nimbus, a Netherlands-based private equity fund. This sale is in line with the strategy announced on July 11, 2018, to dispose of the civil engineering division in order to simplify its portfolio and improve its debt position. On Oct. 16, the woven and nonwoven (Civil) division has been renamed BontexGeo.
Nimbus currently has around 35 companies in its portfolio spread across Europe. The companies in the portfolio are almost exclusively manufacturing companies, and all have in common that they have an established market position. Nimbus consists of a team of hands-on investors who bring capital, vision and inspiration to the company so that it can aspire higher goals and look forward to a bright future. This change of ownership will also enable it to improve our service levels and make further investments.
The sale does not affect current agreements or engagements. The company will continue to operate from the same production locations and offices in Belgium and Hungary. Any contacts, current conditions, quotes and estimates will remain the same. Additionally its service levels and commitment to customers will continue as before. On top of that, products and brand names remain unchanged.
Nimbus currently has around 35 companies in its portfolio spread across Europe. The companies in the portfolio are almost exclusively manufacturing companies, and all have in common that they have an established market position. Nimbus consists of a team of hands-on investors who bring capital, vision and inspiration to the company so that it can aspire higher goals and look forward to a bright future. This change of ownership will also enable it to improve our service levels and make further investments.
The sale does not affect current agreements or engagements. The company will continue to operate from the same production locations and offices in Belgium and Hungary. Any contacts, current conditions, quotes and estimates will remain the same. Additionally its service levels and commitment to customers will continue as before. On top of that, products and brand names remain unchanged.
