Press Release

Law firm Shoosmiths has advised pan-European private equity firm Nimbus Investments (Nimbus) on its acquisition of National Floorcoverings Group, a Yorkshire based floor coverings company which has been under family ownership for more than 60 years.

The transaction represents Nimbus's first UK investment out of its new Fund V investment vehicle following the successful exits of two UK manufacturing businesses earlier in the year.

A multi-disciplinary team of experts from Shoosmiths advised on the deal, led by corporate partner James Foster and supported by principal associate Sophie Davies and associates Emily Egan, Maria Foanta and Amy Walton. Banking and finance support was provided by legal director Charlotte Thomas and Georgia Barrick. Various specialists across other many departments provided advice including but not limited to tax support from legal director Sarah Buxton and associate Carly Cutler, real estate advice from partner James Speed and legal director Chris King, with regulatory support from principal associate Stephen Johnstone and employment advice from senior associate Alex Bevan. 

Private equity (PE) is one of Shoosmiths’ key markets and the firm is increasingly winning large mandates from institutional investors for its investment work with broader and deeper client relationships. This latest transaction demonstrates Shoosmiths’ deep-rooted knowledge in and ability to advise on complex PE transactions.

David Keenan, who led the investment for Nimbus, commented: "NFCG holds a very strong market presence in the UK and we hope to work with David and his team to advance further export opportunities whilst introducing new product ranges to our existing markets – a special thank you to our legal advisors Shoosmiths, where James and the deal team provided fantastic support and legal counsel throughout this transaction."

Nimbus have supported the incumbent Managing Director David Rhodes and his Management Team in leading a management buy out. Mr Rhodes commented “This investment marks an exciting new chapter for the group and we are looking forward to working with Nimbus who have an excellent track record in supporting UK manufacturers adapt to ever-changing commercial landscapes.”

James Foster, corporate partner at Shoosmiths, added: “It has been a pleasure to advise Nimbus on its first UK investment out of its new Fund V investment vehicle. Shoosmiths' ability to assemble a multidisciplinary team was key to navigating this complex and fast-moving transaction, with input from the firm’s banking and finance, tax, real estate, regulatory and employment experts.”