Woodall Nicholson, the Greater Manchester headquartered manufacturer of specialist vehicles, has attracted a new equity investor, which has resulted in a partial exit for Enterprise Ventures Growth Fund.
New funding from the Business Growth Fund (BGF) will support the increased production of its new environmentally friendly, low floor buses at its site in Rochdale, along with the company’s longer term growth plans in its other divisions to support organic growth and the launch of new products in its funeral vehicle and emergency service vehicle divisions.
EBIT for Woodall had tripled in the last three years, driven by rapid growth in both sales and margins by an outstanding management team.
The company is led by CEO Geoff Hudson, who joined Woodall Nicholson as an apprentice 46 years ago, supported by Finance Director Dan Jackson who joined the business in 2013. More than 230 people are employed at its factories in Westhoughton, near Bolton, Rochdale and Scarborough.
Mosaic Private Equity, Enterprise Ventures and RooGreen Ventures completed a buy-in management buyout of the business in July 2013. At that point Brian Davidson was appointed Chairman. All parties remain substantial shareholders and supportive partners in the company.
Wayne Thomas, Investment Director said: “It is the excellent team at Woodall which has have driven the growth of the company and we are delighted that Enterprise Ventures remains an investor as the company moves on its journey.”