Elaghmore has acquired Formaplex, an integrated manufacturer and supplier of lightweight component solutions to the global automotive, motorsport, aerospace, medical and defence markets.
Formaplex operates from four manufacturing sites based across the UK, employing over 500 employees. The business started as a specialist tooling partner for the F1 motorsport sector.
Andy Ducker, Co-Founder of Elaghmore, 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.”
Mike Bryant, CEO of Formaplex, added: “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.”
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