June 4, 2024
ACCROFAB, BACKED BY ENDLESS’ ENACT FUND, ACQUIRES RTI ADVANCED FORMING LIMITED
Accrofab, the precision engineering group acquired by Endless LLP’s Enact Fund III in July 2023, has acquired RTI Advanced Forming Limited (“RTI”) from Howmet Aerospace. RTI will be carved out of Howmet and gradually integrated into the Accrofab group. This will be the fifth deal backed by Endless LLP’s Enact Fund III and adds to a long list of non-core carve outs completed by the transformational investor.
Based in Welwyn Garden City with 74 employees, RTI specialises in super plastic titanium forming supplying to a long-standing blue chip customer base including aerospace OEMs and tier 1 suppliers. RTI is one of a handful of companies in the world with the engineering expertise to be able to make these complex formed products.
Accrofab’s acquisition will expand and complement the group’s position on single-aisle aircraft and diversify the customer base across both engine and structural precision-engineered components. Enact will provide fresh capital to support planned improvements to the site and unlock RTIs potential for growth, through new business and increased market share. Accrofab’s turnover will increase from £30m to approximately £50m following the acquisition of RTI.
Since being acquired by Enact in July 2023, Accrofab has continued to grow from strength to strength and is well positioned to grow through further complementary acquisitions. Enact remains committed towards transforming and growing UK-based SMEs and is proactively seeking the Accrofab Group’s next acquisition.
Since carving out the Derby and Alcester sites from the Bromford Group, the newly formed Accrofab Group is in great shape and we see it as an exciting platform for further acquisitions. Enact Fund III is committed to backing the Accrofab Management team with its buy-and-build strategy and so the RTI acquisition marks a key milestone on this journey. We are very excited to welcome RTI to the Accrofab Group.
Richard Harrison, Enact Partner in the Manchester office
I am pleased to have completed our first acquisition which builds on our strategy to enhance the capability & commercial offerings of the Accrofab Group. The opportunity this unlocks for our customers is exciting, as it builds on the Accrofab reputation for performance which we can now enhance further with a wider opportunity for integrated solutions.
Simon Ward, Chair of the Accrofab Group
Enact (Kiran Reddy and Jake Farrell) were advised by Shoosmiths (Elia Montorio & Kendra McCullough), Kroll (Martin Gray, Stuart Finch, Paul Carter, Richard Li & Lucy Edwards), Claritas (Matt Hodgson, Peter Hully & Robin Greenwood), Vista (Dan Blake & Peter Warburton) and Jackson Breen (Allan & Mark). Cynergy Business Finance will also partner with Enact by providing a new asset-based lending (ABL) facility to support the RTI acquisition, having already supported the original Accrofab acquisition. Cynergy (Danny Monksfield & Brad Shackleton) were advised by Bermans (Dave Gledhill) and SIA (Neil Evans and Ian Dyer).
Howmet Aerospace were advised by Angle Advisors (Cliff Roesler, Michael McCoy & Adam Hale).
