Advent's Ammeraal Beltech bolts on F&P

Financial details surrounding the transaction have not been disclosed. As part of the acquisition, the company's sales director, Daragh Fogarty, will assume the role of managing director for Ireland while managing director David Buchanan joined Ammeraal as industry segment manager.

In May 2015, Advent acquired Ammeraal from Gilde Buy Out Partners and Parcom Capital Management. Total funding for the deal was reported to be around €475m, including around €300m of leverage.

Company
Founded in 1968, F&P is headquartered in Dublin and produces conveyor belts under the brands Fogarty Belting and B&H Precision Belting. The company's production includes silicone belts, slat chains, polyester mesh belts and transmission belts.

The business counts Cadbury's, Green Isle, Glanbia, Dawn Foods, Kerrygold, Dublin Airport Authority, Roadstone, Cork Airport Authority and Anglo Irish Group among its clients. It also has a presence in Lisburn and Belfast.

People
Ammeraal Beltech – Prakash Iyengar (CEO).

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