Specialist manufacturer acquired by private equity firm
Manchester advanced materials specialist Diamorph has been acquired by private equity house Epiris for an undisclosed sum.
Diamorph make highly-engineered components for specialist sectors including rail, marine fire protection and high temperature process industries.
The firm has more than 300 staff in manufacturing sites in Trafford Park and the Czech Republic.
It also has a customer base of more than 2,000 businesses across 65 countries.
London based Epiris is backing the existing management team to drive further growth and help the business broaden its product range.
The funding package was delivered by four banks, led by Lloyds Bank Commercial Banking.
Set up in 2003 as the commercial arm of the materials research facility at Stockholm University, Diamorph has expanded rapidly.
It has acquired two other businesses and growing to become a global industry leader.
In 2012 the Group acquired Tenmat, a 100-year-old Manchester-based engineered materials manufacturer.
Diamorph has since been based at Tenmat’s facility in Trafford Park.
The previous largest shareholders were Swedish investment firms Serendipity Ixora and Investment AB Latour.
Charles Elkington, partner at Epiris, said: “Diamorph’s highly diversified global customer base, coupled with its leading position in multiple niche markets, has created an exceptional business with an outstanding platform for further growth.
“Working with the existing management team, we have every confidence that the Group will reach even greater heights as we build on its genuinely world-leading capabilities.
“Lloyds Bank’s tailored funding has enabled us to realise our ambition of backing this world-class business, and we look forward to their continued support in future.”
Ben Clarke, Relationship Manager (Mid Corporate) working with Adrian Peckham (Debt Finance) at Lloyds Bank Commercial Banking, said: “Diamorph is a fantastic example of a North West business leading the way in terms of technical excellence on the international stage, and this deal marks the beginning of a new growth phase for the business.
“We’re proud to provide the tailored funding that firms like Diamorph need as part of our plan to Help Britain Prosper, which is why we’ve pledged to provide £18bn to businesses in the UK this year.”
