Triplex Components Iron Division, an iron foundry group based in Tipton and Cardiff, has been bought by its management team from Triplex Components Group for an undisclosed sum.
John Flintham, former chief executive officer of Triplex Components Group, has led the MBO. Flintham said, “We are delighted to secure the future of such an important component supplier to the UK automotive industry. We have shown with this acquisition that a traditional UK manufacturing industry can attract significant external investment. The management team and our financiers can see a sustainable and profitable future for the company.”
In excess of 200 people are employed at each site in Tipton and Cardiff. The business, trading under its new name Sigmacast Iron, specialises in the manufacture of iron castings for the automotive industry and has turnover of £30 million.
Adrian Jones, deal leader with Clearwater Corporate Finance plc, who advised on the deal said, “In such a difficult economic climate for the completion of corporate deals, it is a tribute to the MBO team and everyone involved in this transaction to be able to lay the foundations for a successful future for Sigmacast.”
NMB Heller, based in Birmingham, provided funding for the deal. Keith Rose from NMB Heller commented; “We are extremely pleased to be providing acquisition finance and ongoing support to Sigmacast and believe that the high calibre management team will provide a strong base on which to grow and nurture what is one of our most traditional businesses in the UK.”
Flintham, who has significant growth ambitions for the business added, “You never know what the future may hold, but I am confident Sigmacast will be a leading consolidator in the industry for years to come. We are already reviewing a number of potential acquisition opportunities.”
Management were advised by Andy Moore and Adrian Jones from the Birmingham office of Clearwater Corporate Finance plc, and Paul Hayward and Andrew Madden from Gateley Wareing. NMB Heller were advised by Stephen Bottley at DLA Birmingham.