Cowgills advises on engineering business deal

Cowgills’ corporate finance team has advised Joe Martoccia on his acquisition of Fabriweld Tubular Steel Products Limited for an undisclosed sum.

The management buy-in of the Nottingham-based company was supported by investment from Joe together with equity funding from Leeds-based Comhar Capital and bank debt from Allied Irish Bank (GB).

Nigel Gibson, the current owner and retiring managing director of Fabriweld, will remain in the business in a consultancy role and two senior managers Graham Hannath, commercial manager and Marcin Litkowski production manager will become directors.

Nigel established the business in 1979 which today employs over 40 people from its base in Dunkirk, Nottingham.

Fabriweld is an international design and manufacturing company which provides high quality steel, aluminium and polymer product solutions, partnering with some of Europe’s largest tech distribution companies and global Audio Visual brands. Other markets include, healthcare, interactive point of sale and most recently electric vehicle charging points.

Commenting on the acquisition Joe Martoccia said: “Fabriweld is a well-run business with a skilled workforce providing its core customers with a high quality engineered product. Our aim is to support the business, help it flourish and ensure that it remains a great place to work.’’

Cowgills partner Paul Stringer who led on the deal assisted by Robin Prestage said: “We have advised Joe on previous company acquisitions and Fabriweld represents an exciting new opportunity. It is a thriving business and has a great future under new ownership. We wish him every success.’’

Cowgills role included the preparation of financial forecasts, assistance with funding, financial due diligence and contract negotiations.

Comhar Capital (pronounced Core), an investment business based in Leeds, is focused on providing direct support and growth investment capital. Craig Wilkinson, managing director, will be joining the board of Fabriweld.

Additional bank funding was provided by Allied Irish Bank (GB) led by Mike Dinnell, senior relationship manager and Tom Jessop. Legal advice to the investors was provided by DAC Beachcroft’s Leeds office and Clarke Willmott Manchester advised Allied Irish Bank (GB).