Cheshire engineering firm to open Spanish operation with £3m investment
Specialist engineering firm ONFAB Limited has secured a multi-million pound investment from Foresight Group.
The £3m boost, awarded through the Foresight Regional Investment Fund, will enable the Middlewich-based company to grow in the UK and overseas.
ONFAB, which currently employs a team of 20 on an annual turnover of around £3m, plans to expand its management and sales team and place a renewed focus on new product development, production and operations.
The Foresight investment will also help ONFAB launch a second manufacturing facility in Albacete, Spain, that will double its production capacity.
A designer and manufacturer of containment solutions primarily for use in pharmaceutical manufacturing, ONFAB was founded in 2004 by former AstraZeneca engineer Oliver Nulty.
Oliver said: “When a business owner realises that they need external support and expertise to grow and realise their company’s full potential, they are faced with a most difficult question: ‘who is the right investment partner?’
“I am delighted to say that our choice to work with Foresight and the Foresight investment team was the right decision. Their attention to detail, vast experience and commitment to our values have made a difficult transaction manageable and less stressful.”
ONFAB was advised on the deal by law firm Butcher and Barlow, accountants Josolyne & Co and advisory firm BCMS Northern.
Foresight was advised by RW Blears on the legal aspects of the transaction, Rafalie Corporate Finance on the financial, PMSI on commercial and Catalysis Advisory on management. RBS’ Corporate Transactions Team for the North and Scotland provided banking services.
Foresight Group investment manager Chris Wardle commented: “ONFAB has demonstrated consistent growth in recent years and this transaction is a model investment for the Foresight Regional Investment Fund.
“With a strong team and market dynamics there is a substantial opportunity for the business to grow, supported by existing and new client accounts, and continued international expansion.”
He added: “We look forward to working with Oliver and the ONFAB management team in the coming years, and thank the advisors for their support in getting the deal completed to timetable.”
BCMS lead advisor Mac Edwards said of the deal: “We are delighted to have assisted the vendor shareholders to get this over the line.
“Foresight is always keen to work with dynamic entrepreneurs, and its investment in ONFAB has the makings of a great partnership to accelerate growth. We look forward to seeing ONFAB develop in this next step of its journey.”