New private equity vehicle makes debut investment
Leeds-based Comhar – a private investment vehicle set up by former LDC investment director Craig Wilkinson and Fastflow Group’s Neil Armstrong – has made its debut investment.
Comhar has acquired Fabriweld Tubular Steel Products, alongside incoming Managing Director, Joe Martoccia, in a deal that supports the firm’s growth plans.
Nottingham-based Fabriweld was established in 1979 by Nigel Gibson and under his leadership has developed to become an international design and manufacturing company that provides high quality steel, aluminium and polymer product solutions.
The deal is the first investment from Leeds-based Comhar (pronounced ‘core’) which was established in 2018 by Armstrong and Wilkinson.
The company, named after the Gaelic word for ‘partnership’ has been established as an independent direct capital investor targeting businesses run by forward-thinking, growth orientated managers.
This approach reflects the experience of Armstong, a successful entrepreneur and Wilkinson, a professional investor with a history of investing in and supporting businesses across a variety of sectors and geographies.
Fabriweld is reflective of an approach that is keen to identify and target opportunities which support a ‘hands-on’ and ‘partnership’ approach.
Joe Martoccia, who has worked with Fabiweld as a supplier and knows the business well, is an experienced executive leader of manufacturing businesses and will join the Fabriweld board as Managing Director. Nigel Gibson will step down from the CEO role and continue to work within the business.
Craig Wilkinson, MD Comhar, said: “The opportunity to invest in Fabriweld was a long-time in the making but that in itself provided some comfort that we were joining with a strong reputable company with an established customer base. Without doubt, Fabriweld has the potential to develop further, expand into new markets, increase its international footprint and continue its success story.”
Joe Martoccia said: “Fabriweld is a superb business so joining with Craig and Neil from Comhar to invest and support its future growth was an easy decision to make. Nigel has created a business with a strong market reputation and it is this we hope to build upon in the coming years. In particular the audio visual market has some very exciting opportunities, the core skills of the business in clever design and manufacturing excellence will enable us to enter additional sectors.”
Fabriweld’s founder and exiting shareholder Nigel Gibson added: “I am extremely proud of Fabriweld, its people and its products, and also the reputation it has forged in the market. I am sure that Joe is the right individual to lead the business through its next stage and, alongside Comhar, will help it to establish new markets and develop new relationships.”
Legal support for the transaction was provided by DAC Beachcroft’s Leeds office (Comhar). Financial Due Diligence was undertaken by Mark Bringloe from Cowgill’s with commercial support from Paul Stringer and Robin Prestage, also from Cowgill’s. Banking facilities were provided by Mike Dinnell and Tom Jessop from Allied Irish Bank (GB).
Tom Jessop, Relationship Manager at Allied Irish Bank (GB), added: “I am delighted to be working with Joe and the team at Comhar in supporting their acquisition of Fabriweld Tubular Steel Products Ltd. From our first meeting, I have been very impressed with their growth plans and look forward to working with them going forward.”
