Black Country industrial company snapped up by GIL Investments
A historic Black Country-based industrial group has been bought from its German parent company by West Midlands investors.
Monks & Crane, a £42 million turnover business that can trace its roots back more than 150 years, has been acquired by GIL Investments for an undisclosed amount.
Wednesbury-based Monks & Crane started life in 1862 as a file manufacturer and now supplies maintenance products, hand and power tools, safety equipment and protective clothing to sectors including aerospace, marine and oil and gas from a network of 14 branches across the UK. It employs around 220 people.
The business has been owned by multibillion-euro-turnover German assembly and fastening materials giant Würth since 1990.
Monks & Crane joins current GIL Investments’ portfolio companies including Land Rover parts specialist Bearmach, Transport for London supplier Trueform Engineering, Davicon Mezzanine Floors and the Cobalt metals chemical specialist ICoNiChem.
GIL's roots lie in the West Midlands' Grove Industries group, founded in 1991, and the latest acquisition brings GIL’s total portfolio businesses to 14 with a total turn in excess £500M employing over 2,000 people.
Law firm Gateley acted for GIL, with Freeths representing Würth. Funding for the deal was provided by Close Brothers.