Tools and equipment supplier Troy has secured £15.5m to accelerate its acquisitive growth strategy.
The Devon firm describes itself as the UK’s largest independent buying group in the industrial and engineering sectors, with a membership of more than 400 merchants and a similarly sized network of suppliers, including brands Makita, Bosch, Stanley and DeWalt. It estimates its group-buying powers to be around £1.1bn.
The Exeter-based group has now received a multi-million pound boost from investment firm BGF, as it looks to build on its rapid growth. Originally founded in 1986, Troy was acquired by Paul Kilbride in 2010, and now has a turnover of more than £300m.
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The company has invested in 16 of its member businesses to date, and last year acquired online procurement platform Applegate, as one of four purchases the expanding firm made during the period. Bosses said “a significant pipeline” of further investment opportunities” had been identified.
Mr Kilbride said: “To deliver our strategy of structured growth, we required a minority investment partner that recognised the capabilities of Troy. We are confident that with BGF as key allies we will maintain our growth trajectory and realise the company’s ambition.”
With its latest deal, Troy has appointed Simon King, a former chief executive of DIY retailer Wickes, as its new non-executive chair, following an introduction from BGF’s talent network.
Mr King said: “I’m excited to be joining the board of Troy, working alongside the wider team and BGF to capitalise on significant market opportunities and to position the business for further growth.”
The investment deal was led by investors in BGF’s Bristol-based South West team.
Troy was the main shirt sponsor of English Premiership rugby team Exeter Chiefs during the 2022/23 season.
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