13/03/2013
£400,000 investment from FW Capital frames Fendor’s future expansion
A Tyne and Wear company which manufactures commercial glazing
systems has received a £400,000 mezzanine investment from FW
Capital. The investment from the North East Growth Plus Fund
provides Fendor with the working capital it needs to continue
expanding.
Established over thirty years ago, the company originally
supplied the commercial and fire markets but developed the
specialist side of its business following a management buy-out in
2006.
“We’ve invested heavily in research, development and testing
over the last six years and we now offer a comprehensive range of
standard steel and aluminium commercial glazing systems as well as
an innovative range of bespoke systems targeted at seven key
markets. Many of our customers require exacting
specifications and we can tailor our design and manufacturing
service to suit their needs,” explained Managing Director, Chris
Duffy.
Fendor is now market leader in healthcare and its presence in
the blast and ballistics market is growing, with products
increasingly being shipped globally. It is also making
significant inroads in the custodial market. The Home
Office’s recent approval of the company’s unique bar-less
CellGuard® window has resulted in orders for several new and
refurbishment projects throughout the UK.
Fendor’s diverse customer base includes Allied Irish and Lloyds
TSB banks; Baltic Centre for Contemporary Art; Broadmoor and
Rampton high-security hospitals; the Dorchester hotel; Gateshead
Council and supermarket chain, Morrisons.
“Developing the specialist side of our business over the last
six years has been the cornerstone of our expansion, particularly
when the commercial glazing market has been so hard hit in the
current economic climate. We’ve already expanded
significantly and markets such as blast and ballistics, custodial
and healthcare continue to offer significant growth opportunities,”
Duffy explained.
Fendor’s recent move to a new 50,000 sq ft facility in
Washington as part of its long-term expansion strategy has enabled
the company to increase its capacity as well as the range and scale
of high-end bespoke projects it can undertake. The company’s
workforce is also growing as a result of the strategy.
“Our order book is healthy and most of our key markets are
growing so there’s a great deal of potential for further
expansion. FW Capital’s investment provides us with the
working capital we need to fund our expansion,” Duffy
continued.
Investment Executive, Michael Vassallo who led the Fendor deal
for FW Capital said:
“Fendor’s long-term diversification strategy is really paying
off and it’s winning some lucrative new contracts in the high-value
niche sectors it targets. Its commitment to innovation and
technical excellence has helped the company to win new business and
build an enviable reputation.
“Fendor’s management team has its sights clearly focused on
long-term expansion and we’ve structured our investment to take
account of the capital they’ll need. Our investment will help
them equip their new Washington manufacturing base as well as to
fulfill their growing order book.”
Fendor is FW Capital’s latest investment in the North East’s
manufacturing sector and its portfolio includes the UTS Group,
Quick Hydraulics and Bastion Security Installations.
Fund Manager Joanne Pratt said: “Fendor is an excellent example
of the kind of manufacturing business the North East is known
for. Its management team has paid a lot of attention to
understanding their customers’ needs and this is differentiating
Fendor from its competitors and consequently expansion shows no
signs of slowing.”
Fendor’s product range includes standard commercial envelope
systems as well as specialist ranges including:
- BlastLine®, which safeguards against petrochemical and terror
threat events and includes a ‘world first’ – hydrocarbon window
which will withstand the intense heat of hydrocarbon fires.
- CellGuard® bar-less custody windows and custody doors.
- CleanVent and SwingVent – unique secure healthcare
windows.
- SecureLine glass which withstands manual and blast
attacks.
Muckle LLP advised Fendor on the deal and Ward Hadaway advised
FW Capital.
