Rcapital acquires FGP Group

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AAV NEWS IN BRIEF 18 JULY 2022
(PHOTO: Shutterstock)

AlsimPrivate investor, Rcapital, has completed the acquisition of aerospace and defence engineering business, FGP Group. The group comprises Weymouth-based FGP Systems Limited, a precision engineering business which provides very high tolerance machining, turning and fabrication services to blue chip aerospace and defence customers, and FGP Lufton Ltd, which is based in Yeovil and manufactures a portfolio of parts for the aerospace sector. The group also includes a successful surface treatments and coatings business, Ramp Surface Coatings.

Rcapital acquired the business from 126 individual shareholders who were participants in the Cyrus Secured Loans Precision Engineering EIS Fund. The transaction was delivered via a solvent sale of the shares in FGP Systems Limited and Heartland Engineering Limited.

FGP boasts a number of blue chip customers, including Honeywell, Collins Aerospace, Martin Baker and Curtis Wright.  It also participates in several flagship aerospace programmes including Airbus A350 and A320, Boeing 737 and 787, as well as major defence platforms including the Eurofighter and F-35. The existing management team will remain in place and will be supported by Rcapital which brings extensive operational, financial and sector expertise.  It will work with the business to stabilise trading and position it for growth.

Sam Duberley, Investment Manager at Rcapital, said: “FGP Group is a solid business which boasts a number of blue chip clients and has a role in several key aerospace projects.  Rcapital has an extremely strong track record in the sector and FGP Group complements a number of our other investments.  We are looking forward to working with the management team to strengthen the business and secure long-term growth.”

Rcapital was advised Pinsent Masons (legal – banking), Browne Jacobson (legal – corporate), Pembroke Briggs (valuation), Verlingue (insurance), and Lightbulb (credit insurance). FGP Group was advised by Alvarez & Marsal (refinancing), Trethowans (legal), and RSM (performance improvement).

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