UK Private Equity fund Elaghmore has acquired Formaplex, an integrated manufacturer and supplier of lightweight component solutions to the global automotive, motorsport, aerospace, medical and defence markets.
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 GBP60 million from institutions in the US and Europe. In December 2020, Elaghmore raised a further GBP30 million from US institutions to create Elaghmore Fund 1A.
Andy Ducker, Co-Founder, Elaghmore, says: “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.
Mike Bryant, CEO, Formaplex, says: “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.”
Read more at: Private Equity Wire
