A Gloucester-based manufacturer that supplies materials for global businesses and governmental organisations, such as the Royal Air Force and Formula One, has been sold for an undisclosed sum.
Permali Gloucester designs composite and thermoplastic polyurethane (TPU) material products for sectors including defence, aerospace, medical and rail.
The business has contributed to the production of landmine underfloor protection and rapid cargo handling systems for CH-47 Chinook helicopters.
It has also supplied parts for safety applications used on the underside of motorsport cars for Formula One racing teams.
Founded in 1937, the business operates from a 10,500 mt sq factory on Bristol Road to the south of Gloucester city centre and close to the M5 motorway. The facility contains pressing, molding and assembly capabilities in addition to design, inspection and testing services.
The company has been acquired by Manchester-based manufacturer Diamorph, subject to regulatory approval.
The firm, whose brands produce materials for safety-critical industries including on navy ships and within fire protection, is set to use Permali’s Gloucester base as the centre of excellence for developing and growing its enlarged composites offering.
Diamorph, backed by independent private equity firm Epiris, is hoping Permali’s positions in the defence, medical and F1 markets, along with the two businesses’ technology bases, will turn the group into a significant UK supplier of laminate-based composite materials.
Financial advice firm Oaklins Smith and Williamson advised and worked with Permali’s shareholders on the conditional sale to Diamorph.
Permali’s managing director Gus King said: “As a shareholder group, we found the advice and support that the Oaklins team provided crucial in achieving a successful transaction.
“Their strong track record in both the aerospace and defence and industrials sectors and ability to anticipate and overcome a wide range of challenges during the sale process were important factors in delivering a positive outcome for the shareholders.”
Mr King, with support from private equity firm 3i Group, led a buy-out of Permali in 1988.
One of Permali’s first projects was machining the propellers used on the Spitfire aircraft used during the Second World War.
