BGF successfully exits Independent Forgings & Alloys (IFA)

BGF has completed the successful exit of its investment in Independent Forgings and Alloys (IFA). The deal has generated a strong return for BGF, which originally backed IFA in March 2018, to support the continued expansion of its manufacturing capabilities and go-to-market strategy.

Since then, the business has more than doubled annual revenues, significantly increased the footprint of its production facilities via the acquisition of Doncasters Precision Forge, and established itself as one of the leading suppliers of open and closed die forgings to the global aerospace industry.

Operating from a 670,000 sq. ft. facility in Sheffield, IFA has a heritage stretching back to 1587. Now exporting to Europe, Asia, and North America, management has created a fully integrated, single-site forging, machining and testing business. It provides customers with mission critical components for applications within the aerospace, defence, oil and gas, power generation, and industrial processing industries.

Following a successful seven-year partnership, Trive Capital, a US private equity firm with significant experience of the aerospace and defence (A&D) sector, has acquired a majority stake in IFA. The existing senior management team has re-invested as part of the transaction and will continue to lead the business, as IFA enters the next stage of its growth journey.

Andy McGuinness, IFA’s Founder and CEO, said: “We’ve had a great journey over the past seven years with BGF. Their support and long-term, patient capital model has helped the business navigate the evolving global aerospace supply chain and given us the platform to execute our ambitious growth strategy.

“Our achievements are down to the hard work and passion of our staff, and we are thrilled to have reached this milestone together. Trive’s investment underlines the future ambition of IFA and we look forward to working with them, as well as our employees and customers, in building on our successes to date.”

Kroll acted as exclusive sell-side advisor to the company and shareholders, providing a range of transaction support services.

Dafydd Evans, Kroll Managing Director, commented: “We are delighted to have advised both BGF and the management team on the successful exit of IFA to Trive Capital, a leading US-based A&D private equity investor. BGF has a strong track record of successfully investing in management-owned businesses and we look forward to seeing IFA continue to thrive under Trive’s ownership.

“This transaction further strengthens Kroll Investment Banking as a leading M&A advisor to the Aerospace, Defence & Government Services sector, and underpins our deep expertise in executing cross-border transactions.”