Finance Wales backs Fendor with growth capital

Finance Wales backed Fendor with funds from the North East Growth Plus Fund, which forms part of the wider Finance for Business North East Fund.

Managed by North East Finance, the fund will inject £125m into the region over the next five years in an initiative backed by the European Investment Bank, the European Regional Development Fund 2007-2013 and the regional development agency.

Fendor will use the mezzanine capital to underpin its long-term growth strategy, having just opened a manufacturing facility in Washington. The company streamlined its business following an MBO in 2006, which was supported with capital from NEL Fund Managers.

Company
Founded more than 30 years ago in Tyne and Wear, Fendor has developed into a specialist commercial glazing systems manufacturer targeting seven core markets including healthcare, as well as the blast and ballistics market.

The firm's customer base includes Allied Irish and Lloyds TSB banks, the Baltic Centre for Contemporary Art, Broadmoor and Rampton high-security hospitals, the Dorchester Hotel, Gateshead Council and supermarket chain Morrisons. The business recently opened a production facility in Washington.

People
Investment executive Michael Vassallo led the deal for Finance Wales.

Advisers
Equity – Ward Hadaway (Legal).
Company – Muckle (Legal).

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