Manufacturer rescued by global group to boost capabilities

A lightweight components manufacturer has been acquired just months after it made 171 staff redundant.

Formaplex Technologies was established two decades ago as a specialist tooling partner in the F1 automotive sector.

After falling into administration in 2021, Portsmouth-based Formaplex was acquired by UK private equity group Elaghmore. Administrators were however appointed again in January 2024, who made 171 staff redundant to ‘right-size’ the business.

Coventry-based supply chain solutions firm Unipart has acquired Formaplex Technologies as it looks to grow its manufacturing capabilities and UK supply chain.

The firm operates across seven market sectors: automotive, rail & public transport, healthcare, aerospace & defence, technology, e-commerce, consumer & retail and industrials.

Unipart will integrate the operations into its existing manufacturing capability portfolio, and will brand Formaplex to Unipart Polymer and Composite Solutions.

Customers of both companies include McLaren, which has backed the deal.

Darren Leigh, Unipart Chief Executive Officer, said: “Growing our manufacturing capabilities through this acquisition expands our offering and aligns perfectly with Unipart’s growth strategy to offer our existing and new customers a breadth of supply chain solutions and performance improvement technologies. It reinforces our commitment to enhancing and growing the UK supply chain.

“I am pleased to welcome the Formaplex team to Unipart and excited about the potential this acquisition unlocks for innovation and growth, enabling us to expand our portfolio and strengthen our position in the UK manufacturing sector.”

Jorg Laser, Chief Procurement Officer at McLaren, said: “We strongly value our long-term supply relationship with Formaplex and we welcome the specialist capabilities that Unipart, a long-standing partner of McLaren, now brings to enhancing this relationship. We are excited to see the innovative solutions and continued excellence that this combination will deliver for us.”

Carol Rose Burke, Unipart Manufacturing Group Managing Director, said: “I am delighted we are further investing in our UK manufacturing capabilities through the acquisition of Formaplex. It will further support supply chains involved in delivering powertrain products used for internal combustion engines and electrification, as well as enhancing our offer for a growing number of uses in various other sectors such as construction and rail.”

Close