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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.

North East Growth Plus Fund