Private Equity fund Elaghmore has announced the acquisition of UK based composites manufacturer Formaplex.
Established nearly 20 years ago and with revenues in excess of £60 million, Formaplex operates from four manufacturing sites based across the South Coast of England and employs over 500 people. The business started as a specialist tooling partner for the F1 motorsport sector before adding injection mould tooling and moulding to its skillset and developing its sought-after expertise in composite components.
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.
Mike Bryant, CEO of Formaplex
Formaplex’s recently completed works include the prototype development of the complete structural tub for a new hypercar, fan case liners for a new carbon fibre jet engine programme, injection moulded parts for the luxury car sector and components for surgical robots.
Elaghmore believes Formaplex 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.
In total, Elaghmore has now made eleven acquisitions, with the Formaplex deal being the second from Elaghmore Fund 1A. Elaghmore first launched its initial fund in December 2016 with a raise of £60 million from institutions in the US and Europe. In December 2020, Elaghmore raised a further £30 million from US institutions to create Elaghmore Fund 1A.
Nine of Elaghmore’s previous acquisitions have been combined to create three distinct businesses: Total Vehicle Solutions Group; Alucraft/ EAG Group; and Hexcite Group. Like Orchard House Foods, Formaplex is a standalone investment for Elaghmore. Together, Elaghmore businesses have a combined annual turnover of £230 million and employ more than 1,400 people across the UK, Ireland & Europe.