Investec Growth & Acquisition Finance has supported the recapitalisation of Romford-based aviation business Farsound by Rubicon Partners and Grovepoint Capital, an investment partnership focused on the acquisition of industrial businesses in Europe and North America.
Farsound is a global supply chain provider and manufacturer of consumable component parts to the aerospace engine sector. It was acquired in July 2011 by Rubicon Partners and today comprises two divisions: Farsound Aviation and XCEL Aerospace.
The group supplies maintenance, repair and operations (MRO) workshops with parts mainly for overhaul maintenance in the engine after-market. Farsound had a group turnover of around GBP18.9 million in the year ending 31 December 2015.
Investec provided a senior finance package for the transaction, with an additional credit line to fund working capital requirements.
The deal represents Investec’s second transaction with Rubicon Partners and Grovepoint Capital, following its support of the partnership’s acquisition of EnServe Group alongside Grovepoint Capital in January 2016.
Shaun Mullin of Investec Growth & Acquisition Finance says: “This recapitalisation typifies Investec’s approach of developing long-term relationships with clients to provide financing that supports the unique requirements of sponsors and their portfolio companies. We are pleased to be working with Rubicon and Grovepoint for the second time and are able to support the partnership as it goes from strength to strength.”
