Overview

We invested £9.3 million in Formaplex for a large minority stake in December 2007. Formaplex provides a rapid turnaround service to engineering and product development customers including all UK based Formula 1 teams.

Deal Features

We were attracted to a very strong management team which has built a unique business utilising market leading software, adapted to its own requirements, and with high speed machining expertise. This enables Formaplex to provide high quality products to its customers in very tight timescales. It was also clear that Formaplex has high growth potential in the fast turnaround engineering arena, with the key growth markets being F1, automotive, aerospace and consumer goods. The energy and ambition of the management team attracted us from the start and there was a clear meeting of cultures between the Formaplex and Dunedin teams.

Business Description

Based in Havant, near Portsmouth, Formaplex utilises hi-speed CNC machining technology and describes itself as an emergency service for the engineering industry. It has developed a real niche in servicing Formula 1 teams with composite patterns and parts for wind tunnel testing but also serves the more mainstream automotive, white goods, aerospace, marine, telecoms and medical sectors.

Formaplex operates within the new product design and development industry, designing and manufacturing prototype tooling, injection moulded parts, patterns and components in very short lead times. It also works in under­bonnet development, with many of today’s car engine components already being plastic. From air and cooling systems to actual engine parts, plastic helps to make engine systems both easier to design, easier to assemble and lighter in weight. Plastic versatility has revolutionised car engine and component design. The current and anticipated environmental legislation to cut emissions will lead to the further development of plastic technology in particular with hybrid engines.


Formaplex's perspective

Dave Shooter, Manufacturing Director of Formaplex said, "Dunedin impressed from the first meeting, they were completely different to our initial perception of private equity. I can already see the value that they will bring to the business. They quickly understood that despite the demise of main line, high volume manufacturing within the UK and Europe, design and development skills are maintained in the UK."