A design and manufacturing firm which creates audio visual display products has been acquired in a deal designed to help the company expand.
Private equity group Comhar has invested in Fabriweld Tubular Steel Products, based in Lenton, Nottinghamshire, alongside incoming managing director Joe Martoccia.
Fabriweld was launched in 1979 and is now recognised for its steel, aluminium and polymer products, which are also used in the healthcare and corporate furniture sectors.
Nigel Gibson, Fabriweld’s founder and exiting shareholder, said: “I am extremely proud of Fabriweld, its people and its products, and also the reputation it has forged in the market.
"I am sure that Joe is the right individual to lead the business through its next stage and, alongside Comhar, will help it to establish new markets and develop new relationships.”
The company currently employs 43 people and its turnover is on target for £6 million this year, which would represent a 20 percent rise on 2018.
Sales have expanded over the years into more than 30 countries and the new team hopes to move this forward.
Mr Martoccia, who also worked with Fabriweld as a supplier, said: "Nigel has created a business with a strong market reputation and it is this we hope to build upon in the coming years.
"In particular the audio visual market has some very exciting opportunities, the core skills of the business in clever design and manufacturing excellence will enable us to enter additional sectors."
The deal is the first investment made by Comhar, the Gaelic word for partnership, which was established in 2018 by entrepreneur Neil Armstrong and professional investor Craig Wilkinson.
Mr Wilkinson, Comhar's MD, said: "The opportunity to invest in Fabriweld was a long-time in the making but that in itself provided some comfort that we were joining with a strong reputable company with an established customer base.
"Without doubt, Fabriweld has the potential to develop further, expand into new markets, increase its international footprint and continue its success story."
