Aerospace and Defence company acquired saving 200 Dorset jobs
An aerospace and defence company that is headquartered in Dorset has been acquired by a private investor, saving 200 jobs. Rcapital completed the takeover of aerospace and defence engineering business FGP Group on Monday (January 29).
FPG Group comprises Weymouth-based FGP Systems, a precision engineering business providing very-high-tolerance machining, turning and fabrication services to blue chip aerospace and defence customers; FGP Lufton which is based in Yeovil and manufactures a portfolio of parts for the aerospace sector; and surface treatments and coatings business Ramp Surface Coatings.
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 and Heartland Engineering.
FGP’s customers include multinational conglomerate Honeywell; technology company Collins Aerospace; aircraft seat manufacturer Martin Baker; and components manufacturer Curtis Wright. It is also involved in several flagship aerospace programmes including 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 said it would work with the business to stabilise trading and position it for growth.
Rcapital has a strong track record in the aerospace, defence and precision engineering sectors with 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.”
Source: https://www.business-live.co.uk/enterprise/aerospace-defence-company-acquired-saving-28533848
Click here to see what we have done for Aerospace:
Source: BusinessLive.co.uk
