NorthEdge backs FPE Global in maiden deal

The deal was initiated through direct contact between NorthEdge and FPE Global. It is the first investment by the firm's maiden fund, which held a first close in summer 2012. Negotiations took six months from start to closing.

Manchester- and Leeds-based NorthEdge has £182m currently under management.

The fresh capital will accelerate FPE Global's expansion through sales and marketing, and will also be invested in infrastructure to support its planned growth. The company will aim to continue its international expansion and develop additional service offerings.

NorthEdge has an active pipeline in the specialist engineering segment, with long term infrastructure requirements driving growth opportunities, the GP told unquote".

Company
Founded in 1982, Stockport-based FPE Global develops bespoke materials-handling processing systems with applications in a range of end markets including sugar, cement, chemicals and energy from waste.

The business provides engineering solutions to a blue-chip client base both in the UK and internationally. Rapid growth has been driven by increasing levels of export sales, in particular to Africa, South America and India.

People
Grant Berry and Ray Stenton are respectively managing partner and partner at NorthEdge. Chris Bailey is managing director at FPE Global.

Ray Stenton and Phil Frame of NorthEdge have been appointed as non-executive directors on the company's board. Andrew Jackson will join as finance director, while entrepreneur Stuart Lees will become non-executive chairman.

Advisers
Equity – Grant Thornton (Financial due diligence), PMSI (Commercial due diligence), PwC (Tax), Addleshaw Goddard, Neal Shepherd, Darren Harris, Gareth Dray (Legal).
Vendor – George Davies Solicitors, David Easdown (Legal).
Company – Gateley, Paul Jefferson (Legal).

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