FGP Systems (FGP), a UK-based aerospace precision engineering company, is back in profit just three months after its acquisition out of administration by Cyrus Investment Management (CIM) with funds raised through the Cyrus Secured Loans Precision Engineering EIS Fund 1.
FGP was acquired in September and following growth investment and re-structuring by a total of 105 specialist engineering jobs have been saved.
FGP was founded in 1970 as a Tier 1 ‘build to print’ aerospace precision engineering company. It designs, engineers and manufactures bespoke mission critical components for the leading UK, European and US civil and military aerospace industries. Bespoke components range from actuators and auxiliary power units for commercial aircraft, to ejector seats for fighter jets and business class seating for Boeing and Airbus. FGP not only designs and engineers components but utilises some of the most advanced techniques available, including 3D metal and plastic printing.
Ian Watkins, Chief Investment Officer of CIM, says: “We are delighted to have acquired this world class Precision Engineering company, retaining the entirety of FGP’s customer base, 100 per cent of its state of the art machinery as well as 100 per cent of its apprentices and core engineering staff.”
Peter Schwabach, Managing Partner of CIM, says: ”FGP is the third investment CIM has made in Tier one UK precision engineering companies in line with our strategy of building value in this world class industry. By injecting new capital, management and products we aim to increase profitability within each investee company in the portfolio and exit the aggregated businesses to a single trade or institutional buyer after three year obligatory holding period.”
