Sheffield-headquartered Independent Forgings & Alloys (IFA) has secured a GBP8.5m capital investment from BGF to support its growth plans.
The funding will help fuel a number of investment initiatives designed to enhance IFA’s manufacturing and testing capabilities, delivering new commercial opportunities.
Operating from a 250,000 sq ft facility in Sheffield, IFA manufactures high-integrity, open-die forged components for OEMs and tier-one suppliers within the aerospace, nuclear, power generation, marine and oil and gas sectors. Using materials such as nickel alloy, titanium, stainless steel and carbon alloys, the company primarily forges rings and bars for use in a range of end applications ‘from the deepest oceans to outer space’ including aircraft aerostructures and engines, industrial gas turbines, offshore oil rigs, civil nuclear reactors, formula one motor racing and space satellites.
The CEO, Andy McGuinness, was part of the original team that acquired IFA in 2001 from Doncasters Group. Since then, the business has become firmly established as a major independent supplier in the global forging industry through continued investment in innovation, research & development and people. Now exporting to more than 15 countries across Europe, Asia and North America, IFA generated sales over GBP20m in its current financial year and employs over 150 people.
Andy McGuinness says: “Forging has a long history in Sheffield but rather than being in decline, the uses and applications of our open-die products continue to grow. The market offers attractive opportunities and, because of our focus on quality and innovation, we are well placed to capitalise on these opportunities.
Since 2001, the business has grown steadily and remains in a strong position financially. Bringing on board BGF as a minority partner will allow us to accelerate the growth plans we have in place whilst maintaining control of company.”
Barry Jackson, Investor, BGF, says: “IFA is a well-invested business with strong leadership, a skilled workforce and a clear strategy for growth. Having developed deep relationships with OEMs and tier-one suppliers, the business has an opportunity to continue to build scale, capabilities and capacity, and we are pleased to be supporting their plans to do so.”
The investment was led for BGF by Barry Jackson and Rob Johnson.
