Private investor, Rcapital
, has completed the acquisition of aerospace and defence engineering business, FGP Group
. The deal will mean that over 200 jobs in Dorset are protected. The Group comprises Weymouth-based FGP Systems Ltd
, a precision engineering business which provides very high tolerance machining, turning and fabrication services to blue chip aerospace and defence customers, and FGP Lufton Ltd
, which is based in Yeovil and manufactures a portfolio of parts for the aerospace sector. The Group also includes Ramp Surface Coatings
, a successful surface treatments and coatings business.
Rcapital acquired the business from 126 individual shareholders who were participants in the Cyrus Secured Loans Precision Engineering EIS Fund. The transaction was delivered via a solvent sale of the shares in FGP Systems.
FGP has a number of blue chip customers, including Honeywell, Collins Aerospace, Martin Baker and Curtis Wright. It also participates in several flagship aerospace programmes including the Airbus A350 and A320, Boeing 737 and 787, as well as major defence platforms including the Eurofighter and F35.
The existing management team will remain in place and will be supported by Rcapital which brings extensive operational, financial and sector expertise. It will work with the business to stabilise trading and position it for growth.
Rcapital is uniquely placed to support the business in delivering its turnaround, thanks to its strong track record in the aerospace, defence and precision engineering sectors with its existing investments in Bromford Precision Solutions, Trac Precision Solutions, Nasmyth Group and Surface Technology International.
Sam Duberley, investment manager at Rcapital, said: “FGP Group is a solid business which boasts a number of blue chip clients and has a role in several key aerospace projects. Rcapital has an extremely strong track record in the sector and FGP Group complements a number of our other investments. We are looking forward to working with the management team to strengthen the business and secure long-term growth.”