Close Brothers Private Equity investee company, Webgrove Holdings has acquired the trade and certain assets of Excel Timbalex from its Administrative Receiver in a deal worth £5.5m including working capital and reorganisation costs. CBPE have committed £3m to the transaction.

Excel Timbalex is a leading producer of injection moulding plastic components and assemblies used in the automotive sector. It has a leading position as supplier of "wood effect" trim for automotive interior decorative uses. Its key customers include Jaguar, Ford, General Motors, Volvo, Johnson Controls, Magna and Lear Corporation.

Excel Timbalex makes an excellent addition to the Webgrove stable whose other operations include businesses focussed on the automotive and electronics markets. The enlarged group will have a turnover of c£35m and expects healthy further growth following new contract wins.

John Snook, Managing Director of CBPE, who sits on the Webgrove board as Non-Executive Director commented, "The Excel Timbalex operations are a natural fit with Webgrove and provide it with greater critical mass in its key target markets. This is our [fourth] acquisition behind the Webgrove team who have made a great success of the group to date."