BGF invests £6m in Prodrive Composites

BGF stated it saw increasing demand for carbon fibre composites as a key driver in the decision to back Prodrive. Although the company stated the investment would help fuel its growth, no specific plans have so far been disclosed.

BGF has kept to its busy investment schedule in recent weeks. Last week, the firm announced it had injected £4.9m into UK transportation business PPS to finance the bolt-on of packaging company Alison Handling Services.

Company
Established in the early 2000s, Prodrive manufactures lightweight carbon fibre components and structures for high-performance applications in motorsport, the automotive industry and the aerospace sector.

Headquartered in Milton Keynes, the business employs 500 people. Turnover amounted to £13m in 2014, with the company expecting to post £15m in revenues this year.

People
Ian Downing and James Syrotiuk led the deal for BGF. Dominic Cartwright is managing director at Prodrive.

Advisers
Equity – Baker Tilly (Financial due diligence); Gateley (Legal); Claritas (Tax).
Company – Wragge Lawrence Graham & Co (Legal); PwC (Financial due diligence).

 

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• Topics
• UK / Ireland
• Expansion
• Industrials
• United Kingdom
• BGF (Business Growth Fund)