On 3 September 2019 Low & Bonar PLC has announced that it has completed the sale of their 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 their portfolio and improve their debt position.
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 our company so that we can aspire higher goals and look forward to a bright future. This change of ownership will also enable us to improve our service levels and make further investments.
The sale does not affect current agreements or engagements. We 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 our service levels and our commitment to our customers will continue as before. On top of that, our products and brand names remain unchanged. The new company name is Bontexgeo.