Dunedin backs Formula 1 engineering company

Mid-market private equity house Dunedin has invested £9 million in a business that provides engineering and product development services to all UK-based Formula 1 teams.

Formaplex is planning ‘significant expansion’ following the investment, which sees Dunedin director Nicol Fraser joining the company’s board.

The investment follows Formaplex’s move in November 2006 to a purpose-built manufacturing facility in Hampshire, where the company is now headquartered, manufacturing prototype parts in low volumes not only for Formula 1 but for the mainstream automotive, aerospace, telecoms and medical industries. Many of these parts are made of plastic.

David Shooter, manufacturing director and co-founder of Formaplex, says: ‘Dunedin were completely different to our initial perception of private equity. They quickly understood that despite the demise of main-line, high-volume manufacturing in the UK and Europe, design and development skills are maintained in the UK.’

Giles Derry, director of Dunedin, comments: ‘The management team has built a unique business utilising market-leading software, adapted to its own requirements, with high-speed machining expertise enabling it to provide high-quality products to its customers in very tight timescales.’

Established in 2001 by Shooter and fellow director Ian Wilson, Formaplex has 40 staff and expects sales of £8 million this year. The company says it has grown by almost 40 per cent per year since its inception.

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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