Survitec seals jobs grant after buyout
LIFE-SAVING equipment manufacturer RFD Beaufort, which is part of the Survitec Group, intends to use a new £103,462 grant to secure its future by creating 15 jobs.
The grant came three days after Belfast-based Survitec was sold by private equity firm Montagu for around £280m to another buyout firm, Warburg Pincus.
The money – which was awarded as part of the government’s Grant for Business Investment (GBI) initiative – is intended to ensure that production does not switch to alternative cheaper sites in China.
RFD Beaufort designs and manufactures a wide range of specialist life saving equipment for the marine, defence and aerospace industries.
Key products include life rafts, lifejackets, flight suits for fast jet pilots and submarine escape equipment, as well as a range of immersion and abandonment suits for the shipping, aerospace and off-shore industries. The company employs 157 people.
Mark Hughes, executive director of economic development at the North West Regional Development Agency (NWDA), said: “It is important that in the current financial climate, England’s North West is able to demonstrate its expertise within key sectors. Manufacturing is one of the region’s major strengths, employing a huge number of people and millions more in the supply chain.
“By supporting RFD Beaufort with a Grant for Business Investment, we are sending an important message to the company’s management that the site remains important and production should be maintained and expanded.”
Brian Stringer, operations director of Survitec Group, said: “The GBI grant is welcomed as it will enable RFD Beaufort in Birkenhead to introduce efficiencies within its manufacturing processes and strengthen its position in the marketplace.
“This has enabled us to bring work to the Birkenhead facility, create jobs and with further lean implementation, secure the long term future for the facility.”
Deloitte’s Manchester transaction services team provided vendor due diligence to Montagu Private Equity and Survitec Group on the sale of RFD Beaufort to global private equity firm, Warburg Pincus. The Deloitte team comprised Jodi Birkett, Iain Ashworth and James Bracewell.
