Dunedin-backed engineering company Formaplex, which specialises in carbon composites, pattern moulding and tooling, today announced that it has been ranked as one of Britain’s private companies with the fastest growing overseas sales. The Sunday Times HSBC International Track 200, was published on Sunday 8 July and Formaplex was ranked at number 45. Mid-market private equity house Dunedin backed Formaplex in January 2008, since which time the business has grown threefold, increasing its turnover from £7 million to £33 million and its employee base from 40 to 200 in just five years.
Based in Havant, near Portsmouth, Formaplex is an advanced manufacturing services business focused on the high growth market of component manufacturing for advanced materials.
Formaplex offers design, prototyping, tooling and component production services and has a market-leading position in the UK premium automotive and motorsport sectors, with a rapidly growing share of the UK and European high-volume automotive, defence, aerospace and industrial markets. It operates from three state of the art UK manufacturing facilities with a strong network of European and Asian supply partners.
In 2010 Formaplex won the long-term contract for the MoD Foxhound vehicles. It machines and assembles protective pods and integrates the hydraulic, electric and interior components. Since 2010 the MoD have ordered 476 of the vehicles.
Formaplex’s international growth is a result of the premium services that it provides, the success of UK manufacturing and, in particular, the growth of premium automotive brands. Formaplex saw its overseas sales reach £7.3m last year.
Nicol Fraser, partner of Dunedin, commented: “We would like to congratulate the whole team at Formaplex on this fantastic achievement. They have been extremely successful in expanding their operations into international markets. Formaplex is a great example of how UK engineering skills are now in high demand in the global marketplace, with top international brands keen to maintain the highest quality and security of supply.”
“Helping UK businesses to internationalise is one of the key ways that Dunedin works with its portfolio to create value.”
Dunedin, known for helping grow businesses on an international level, has backed global businesses such as Red Commerce, a global supplier of SAP experts to international corporations and consultancies; WFEL the designer and manufacturer of mobile bridging systems; and U-Pol, a world leader in automotive refinish products.