NorthEdge Capital backs Fine Industries with £25.5m
Investment into long-standing chemical company to fuel growth ambitions
Private equity firm NorthEdge Capital today announced it has backed fine chemicals manufacturer Fine Industries, in a substantial deal worth £25.5m.
Established in 1977, Teesside-based Fine Industries manufactures specialty chemicals used for the crop protection, pharmaceutical and specialty chemicals markets through its subsidiaries, which include Fine Organics Ltd.
It has since grown into a £40m-a-year business, employing 270 staff at its Seal Sands base and with blue-chip clients in countries including Switzerland, Germany, Brazil, Ireland and the USA.
The business was the subject of a management buy-out from a large multinational in 2008.
The latest £25.5m investment will be used to accelerate a capital expenditure programme as it seeks to boost production capacity to fuel further growth.
It is NorthEdge Capital’s fourth transaction from its £225m maiden fund, which is aimed at supporting businesses in the north of England.
The deal was led by Craig Morgan, current managing director of Fine Industries, who also led the previous buy-out in 2008. Morgan said: “Our business continues to deliver strong growth and has recently undertaken significant investment in our production facilities.
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“This has enabled us to extend our product and technical capabilities which sets us apart in the market today.
“The backing from NorthEdge provides us with an even stronger platform to accelerate our growth and move our business to the next level. It’s great to be working with a team that are as committed and passionate about our future as we are.”