FRP supports Seaforth Holdings on a second acquisition.

FRP’s Financial Advisory team supports Seaforth Holdings’ acquisition of high-endurance coatings specialist Indestructible Paint.

Background

Indestructible Paint Limited, established in 1978 by Douglas Norton, is a manufacturer of specialist coatings serving a range of sectors, primarily the aerospace industry. Several of its coatings are bespoke and unique to the company.

Indestructible Paint’s products are used in some of the most demanding environments worldwide, including jet engines and propulsion systems, where extreme durability, heat resistance, low friction and weight optimization are mission-critical.

Having supported the Seaforth Holdings group on a previous acquisition, FRP was once again engaged to advise on this latest transaction.  

Action

The FRP team led by Financial Advisory Director, Joanne Price, undertook financial and tax due diligence for Seaforth Holdings. 

Our team carried out detailed financial analysis of Indestructible Paint and the financial forecasts, identifying potential risks and issues associated with the transaction, and providing clarity on the wider group’s capacity to service debt for the lender.

Outcome

Following our review, the lender approved the funding, enabling Seaforth Holdings to successfully acquire Indestructible Paint on schedule.

Indestructible Paint’s existing management team will remain with the business following the transaction.  The transaction will protect and nurture the legacy of the business whilst supporting growth of the business to take it to the next level.

Francis Marx, Director at Seaforth Holdings, said: “I’d like to thank the FRP team for their support. Their concise and clear report, supported by detailed analysis and commercial insight, ensured we had the clarity needed to make an informed decision, ultimately delivering a successful transaction.”