Derby-based precision engineering group makes acquisition

Accrofab, the Derby-based 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 separated from Howmet and gradually integrated into the Accrofab group.

Headquartered in Welwyn Garden City and employing 74 staff, RTI specializes in superplastic titanium machining, supplying a long-standing blue chip customer base including aerospace OEMs and tier 1 suppliers. RTI is one of the few companies in the world with the engineering expertise necessary to produce such complex molded products.

The acquisition of Accrofab will expand and complement the group’s position in the single-aisle aircraft sector and diversify its customer base in both engines and precision structural components.

Enact will provide fresh capital to support planned site improvements and unlock RTI’s growth potential through new business and increased market share. Accrofab’s turnover will increase from £30m to approximately £50m following the acquisition of RTI.

Since its acquisition by Enact in July 2023, Accrofab has continued to grow from strength to strength and is well positioned for growth through further complementary acquisitions. Enact is actively pursuing another acquisition of the Accrofab Group.

Richard Harrison, Enact partner in the Manchester office, commented: “Since the spin-off of the Derby and Alcester sites from the Bromford Group, the newly formed Accrofab Group has been in excellent shape and we see it as an exciting platform for further acquisitions. Enact Fund III is committed to supporting Accrofab’s management team in its buy-and-build strategy, and the acquisition of RTI represents a key milestone in this journey. We are very excited to welcome RTI to the Accrofab Group.”

Simon Ward, CEO of Accrofab Group, commented: “I am delighted to have completed our first acquisition, which builds on our strategy to expand Accrofab Group’s capabilities and commercial offering. The opportunities this opens up for our customers are exciting as they build on Accrofab’s reputation for performance, which we can now further enhance with broader integrated solutions capabilities.

Enact (Kiran Reddy and Jake Farrell) were advised by Shoosmiths (Elia Montorio and Kendra McCullough), Kroll (Martin Gray, Stuart Finch, Paul Carter, Richard Li and Lucy Edwards), Claritas (Matt Hodgson, Peter Hully and Robin Greenwood), Vista (Dan Blake and Peter Warburton) and Jackson Breen (Allan and Mark). Cynergy Business Finance will also partner with Enact to provide a new asset-based lending (ABL) facility to support the RTI acquisition, having previously supported the original acquisition of Accrofab. Cynergy (Danny Monksfield and Brad Shackleton) was advised by Bermans (Dave Gledhill) and SIA (Neil Evans and Ian Dyer).

Howmet Aerospace was advised by Angle Advisors (Cliff Roesler, Michael McCoy and Adam Hale).