, a leading integrated manufacturer and supplier of lightweight component solutions to the global automotive, motorsport, aerospace, medical and defence markets, has been acquired by UK private-equity fund Elaghmore.
Established nearly 20 years ago and with revenues in excess of £60 million, Formaplex operates from four manufacturing sites based around the South Coast.
The business started as a specialist tooling partner for the Formula One motorsport sector before adding injection mould tooling and moulding to its skillset and developing its sought-after expertise in composite components.
Formaplex employs over 500 people and, following the acquisition, will continue to be led by CEO Mike Bryant. The company serves a blue-chip international customer base and manufactures world-class accredited lightweight component solutions for Tier One automotive clients and prestigious OEMs.
Recent examples that have cemented its reputation for high quality and rapid product delivery are production lightweight carbon fibre body panels for supercars, the prototype development of the complete structural tub for a new hypercar, fan case liners for a new carbon fibre jet engine programme, complex high-performance injection moulded parts for the luxury car sector and components for surgical robots.
Formaplex fits Elaghmore’s investment strategy to use its executive team’s proven operational skills to deliver significant growth and value creation. Through its hands-on approach and capital support, Elaghmore believes its acquisition can deliver substantial growth in the mid- to long term across automotive and the other sectors it services through its high-end, precision engineering offering.
>b>Significant potential for growth
Elaghmore co-founder Andy Ducker 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 Mike and the team with financial and operational support.
“This transaction follows our recent acquisition of Orchard House Foods and shows our deal pipeline is full of interesting opportunities. Elaghmore is well-placed to help traditionally successful companies that have been impacted by Covid-19, especially as Government support schemes end, and bank support is limited.”
Formaplex CEO Mike Bryant said: “This is a fantastic new partnership that will take Formaplex to the next level. There are so many opportunities across multiple sectors for our lightweight engineering solutions to be applied to and having the support of Elaghmore behind us makes for some truly exciting prospects.
“We are extremely grateful to all of our customers and suppliers for their support through the challenges of the past year and look forward to a much stronger and securer 2021.”