NorthEdge buys Cutwel

The management team led by Adam Gillard, Graham Short and Shaunie Mangham has retained a minority stake in the new company while founders Paul and Mary Hawksworth made an exit.

NorthEdge's Tom Rowley will join the board in a non-executive capacity and Colin Stirling, formerly of Spirit Capital, has been introduced as a non-executive chair.

The GP will support the company in expanding its sales team and doubling overall headcount to 100 over the next four years.

Cutwel has more than doubled its revenues in the last six years from £6m for 2012 to £16m for the financial year ending in April 2018.

Company
Cutwel is a tooling supplier based in Cleckheaton, West Yorkshire. The company supplies precision cutting tools and accessories to engineering companies throughout the UK and Ireland. It was founded in 1996 and currently employs 50 people.

People
NorthEdge Capital – Andy Ball (partner); Tom Rowley (director); Nicola McQuaid (investment manager).
Cutwel – Adam Gillard (general manager).

Advisers
Equity – GCA Altium, Stuart Warriner, Andy Battersby (corporate finance); Womble Bond Dickinson, Simon Pilling, James Cook, Catherine Willis (legal); PwC, Joel Smith, Nicola Widdson (financial due diligence); CIL, Jon Whiteman and James Fothergill (commercial due diligence).
Vendor – PwC, Paul Mankin, Iffy Hussein (corporate finance); DLA Piper, Stephen Atkinson and Mark Cliffe (legal); Wheawill & Sudworth, David Butterworth, Darren Eastham (financial due diligence).
Company – Sentio, Dave Irwin (corporate finance): 3volution (legal).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• NorthEdge Capital
• United Kingdom