Investor exits long-established manufacturer following seven-year partnership
Growth capital investor, BGF, has completed the exit of its investment in Independent Forgings and Alloys (IFA).
The deal has generated a strong return for BGF which originally backed IFA in March 2018 to support the continued expansion of IFA’s manufacturing capabilities and go-to-market strategy.
Since then, the business has more than doubled annual revenues, significantly increased the footprint of its production facilities via the acquisition of Doncaster’s Precision Forge, and established itself as a supplier of open and closed die forgings to the global aerospace industry.
Operating from a 670,000 sq ft facility in Sheffield, IFA has a heritage stretching back to 1587. It now exports to Europe, Asia and North America.
Following a seven-year partnership, Trive Capital, a US private equity firm with significant experience of the aerospace and defence sector, has acquired a majority stake in IFA.
The existing senior management team has re-invested as part of the deal and will continue to lead the business as IFA enters the next stage of its growth journey.
IFA founder and CEO, Andy McGuinness, said: “We’ve had a great journey over the past seven years with BGF.
“Their support and long-term, patient capital model has helped the business navigate the evolving global aerospace supply chain and given us the platform to execute our ambitious growth strategy.
“Our achievements are down to the hard work and passion of our staff and we are thrilled to have reached this milestone together.
“Trive’s investment underlines the future ambition of IFA and we look forward to working with them, as well as our employees and customers, in building on our successes to date.”
BGF investor, Rob Johnson, added: “IFA is a fantastic ‘made-in-Sheffield’ success story, with a rich history and an exciting future.
“We’re proud to have played our part in supporting Andy and the team over the past seven years and I would like to wish them every success with their new investment partner.”
Kroll acted as exclusive sell-side advisor to the company and shareholders, providing a range of transaction support services.
Kroll managing director, Dafydd Evans, said: “We are happy to have advised both BGF and the management team on the successful exit of IFA, to Trive Capital a leading US-based A&D Private Equity investor.
“BGF has a strong track record of successfully investing in management owned businesses and we look forward to seeing IFA continue to thrive under Trive’s ownership.
“This transaction further strengthens Kroll Investment Banking as a leading M&A advisor to the Aerospace, Defence & Government Services sector and underpins our deep expertise in executing cross-border transactions.”
Advisers on the deal were: IFA: Kroll IB – Dafydd Evans, Gunjal Patel, Ed Fryer and Christian Salazar, Kroll TS – Paul Cooper, Wing Tse, Stuart Finch and Mazen Hakam, Kroll Debt Advisory – Tom Grant, Knights – Michael Hall, Russell Bainbridge and Molly Rae.
