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Private equity fund Nimbus announced it ha[ds_preview]s purchased almost all operating companies of the Central Industry Group (CIG), with headquarters in Groningen, the Netherlands.

According to the new owner the operating companies have a solid financial base. Problems, CIG was faced with lately, came from financial investments in the shipping industry.

Central Industry Group is an industrial conglomerate engaged in shipbuilding, constructional design and production for complex architectural projects and the renewable energy industry worldwide executing activities in the fields of engineering, steel factories and outfitting companies. The nine purchased operating companies of CIG are located in the Netherlands, China and Germany. The group reported a turnover of about 100 mill. € and claims to be profitable. Approx. 450-500 people are employed.

Strategic growth opportunities in CIG

Nimbus considers the purchase to be an »excellent addition« to its portfolio because of the strategic growth opportunities of the various operating companies in several industrial segments. Nimbus emphasizes that the operating companies have a solid financial base, and the problems the CIG holding was confronted with lately, resulted from financial participations in the shipping industry.

Paul Frohn, partner at Nimbus: »Nimbus is very pleased to announce the purchase of this well renown, already for decades existing ›Groninger‹ manufacturing company. The CIG companies have always proven that the combination of innovation with a qualitative good product, ensures that there is a reason of existence for such companies in The Netherlands/North-West Europe. The reorganization which was recently pulled through in one of the larger operating companies, Centraalstaal in Groningen, was executed successfully and enables the people to have confidence in the future.«

For Nimbus it is very important to exploit the growth opportunities of the company and investments will be made where necessary, it was said. All this has resulted in an almost complete preservation of employment for the operating companies of CIG in the Northern Netherlands and Germany.