Troy secures a significant £15.5 million investment from BGF to support its growth strategy
Troy, are pleased to announce a £15.5 million investment from BGF, Business Growth Fund, to support its growth strategy.
As the largest independent network of industrial and engineering supplies in the UK, this investment will help Troy to further support the industries it serves, including general manufacturing, rail, renewable energy, automotive, medical and aerospace.
Under the leadership of Paul Kilbride, who acquired Troy in 2010, the business has experienced rapid growth with 400 plus members, 420 plus suppliers, and a turnover of over £300 million.
BGF’s financial support will further accelerate the company’s growth, with Troy having invested in 16 independent group members to date, and a significant pipeline of further opportunities identified post-investment.
For those independent members these investments have provided a more favourable option for legacy planning, allowing them to maintain their independent names and secure local jobs.
These investments have significantly benefitted the group, both protecting the group’s impressive £1.2 billion collective buying power, and by unlocking investment potential. This has enabled the development of world class support functions, services and platforms that are available to the Troy network; made up of both members and suppliers.
This is a significant milestone for the company. With the support of BGF, Troy can continue to support the growth of its independent members and future proof the local businesses that it invests in.
In addition to the funding, Troy has also appointed former Wickes CEO, Simon King as Non-Executive Chair, following an introduction from BGF’s Talent Network – the largest pool of non-exec talent in the UK.
Paul Kilbride, Chief Executive at Troy, 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.”
The new £15.5 million investment deal was led by James Skade and Hannah Waters, investors in BGF’s Bristol-based South West team.
BGF investor James Skade said: “This is a great opportunity for BGF to invest in a thriving national business with an excellent reputation and a huge potential for growth. We’re delighted to be working alongside Paul and Simon and look forward to supporting the business to deliver on its ambitious growth plans.”
Simon King, non-exec chair of Troy, 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.”
Advisors to BGF on the transaction were Tim Roberts, Martin Davies, Rachael Ruanne and Amy McVey (Burges Salmon), Tom Ayerst and Jack Jones (PwC) . Advisors to Troy UK were Paul Bevan (Breeze Corporate Finance), Matt Eves, Dave Guy and Hannah Nonas (EY) and Mark Rutherford and Anna Mayfield (Gateley plc).
BGF was set-up in 2011 and has invested £3.5 billion in over 500 companies, making it the largest and most experienced investor in the UK and Ireland. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s funding model. www.bgf.co.uk / Social media: @BGFinvestments
Founded in 1986 as a buying group in the industrial and engineering sector. Troy was acquired by Paul Kilbride in 2010 and has grown significantly since to become the largest in its sector in the UK with 420+ suppliers, 400+ members and £1.2 billion group buying power. www.troyuk.co.uk / Social media: @thetroygroup