We’re pleased to share the news that Formaplex Limited, a leading manufacturer and supplier of lightweight composite component solutions, has been acquired by private equity fund Elaghmore LLP in a deal supported by our Corporate Finance team.
The team, led by Corporate Finance Partner Matthew Flower, were lead advisers to the business, which had annual revenues of more than £60 million.
Formaplex serves a blue-chip customer base and manufactures world-class accredited lightweight component solutions for tier-one automotive clients and prestigious original equipment manufacturers (OEMs) across global market sectors.
Formaplex was established nearly 20 years ago and has production facilities across four key sites. The business started as a specialist tooling partner for the F1 motorsport sector before adding injection mould tooling and moulding to its skillset, also developing its now sought-after expertise in composite components. Formaplex employs more than 500 people, and, following the acquisition, will continue to be led by CEO, Mike Bryant.
Andy Ducker, Co-Founder of Elaghmore, said: “Formaplex has developed a global reputation for high-quality, precision engineering. We believe it has significant potential for continued growth in all sectors it services. More and more businesses across the automotive, motorsport, aerospace and defence sectors are looking for lightweight solutions to replace traditional component materials to increase efficiency and lessen their environmental impact. We look forward to being part of this growth by providing Formaplex CEO, Mike Bryant, and the team with financial and operational support.”
Matthew Flower, Corporate Finance Partner at FRP, said: “The company’s core automotive sector has faced several challenges over the past 12 months, which makes this deal all the more significant and underlines the strength of the Formaplex offering and the potential for its future growth in other sectors. Market consolidation will continue to be a key economic outcome of the COVID-19 pandemic, and Elaghmore’s approach is indicative of the appetite for private equity groups to have high-quality specialist engineering businesses like Formaplex among their portfolio.”