Private equity-backed precision engineering firm completes carve-out deal

Accrofab, the Derby- and Alcester-based precision engineering group has bought RTI Advanced Forming (RTI) from Howmet Aerospace.

RTI will be carved out of Howmet and gradually integrated into the private equity-backed Accrofab group. This will be the fifth deal backed by Endless’s Enact Fund III.

Based in Welwyn Garden City with 74 employees, RTI specialises in super plastic titanium forming supplying to a long-standing blue chip customer base including aerospace OEMs and tier 1 suppliers.

Enact will provide fresh capital to support planned improvements to the site. Accrofab’s turnover will increase from £30m to approximately £50m following the acquisition of RTI.

The Enact Fund bought the business and assets of Derby base of Accrofab and the Alcester site of Bromford Industries out of administration last August, in a move that saved the jobs of over 220 staff.

Richard Harrison, Enact partner in the Manchester office, said: “Since carving out the Derby and Alcester sites from the Bromford Group, the newly formed Accrofab Group is in great shape and we see it as an exciting platform for further acquisitions. Enact Fund III is committed to backing the Accrofab management team with its buy-and-build strategy and so the RTI acquisition marks a key milestone on this journey. We are very excited to welcome RTI to the Accrofab Group.”

Simon Ward, chair of the Accrofab Group, added: I am pleased to have completed our first acquisition which builds on our strategy to enhance the capability & commercial offerings of the Accrofab Group. The opportunity this unlocks for our customers is exciting, as it builds on the Accrofab reputation for performance which we can now enhance further with a wider opportunity for integrated solutions.

Enact (Kiran Reddy and Jake Farrell) were advised by Shoosmiths (Elia Montorio & Kendra McCullough), Kroll (Martin Gray, Stuart Finch, Paul Carter, Richard Li & Lucy Edwards), Claritas (Matt Hodgson, Peter Hully & Robin Greenwood), Vista (Dan Blake & Peter Warburton) and Jackson Breen (Allan & Mark).

Cynergy Business Finance will also partner with Enact by providing a new asset-based lending (ABL) facility to support the RTI acquisition, having already supported the original Accrofab acquisition. Cynergy (Danny Monksfield & Brad Shackleton) were advised by Bermans (Dave Gledhill) and SIA (Neil Evans and Ian Dyer).

Howmet Aerospace were advised by Angle Advisors (Cliff Roesler, Michael McCoy & Adam Hale).