Dunedin commits further £3m to Formaplex

Harriet Bailey
23 March 2015

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Mid-market GP Dunedin has injected a further ТЃ3m into Portsmouth-based portfolio company Formaplex.

The fresh capital will be used to build a new manufacturing facility in the West Midlands, to expand current factories in Hampshire and to invest in new technologies.

Dunedin has invested £14m in new facilities and equipment over the past five years.

Previous funding
Dunedin backed the £9m all-equity management buyout of Formaplex in December 2007, which saw the GP take a 48% stake in the company. Under Dunedin's ownership, Formaplex has seen its turnover increase from £9.4m in 2009 to £38.7m in 2014. Employee numbers have grown from 51 to 300 in the same period.

Company
Formaplex is an engineering company that designs and manufactures tooling and lightweight components for the automotive, aerospace, defence and motorsports industries. The company's services range from tool design, prototyping and manufacturing to finishing and delivery. Founded in 2001, It has three manufacturing facilities in Havant, Cosham and Horndean.

People
Nicol Fraser is a partner at Dunedin and a member of the Formaplex board.