A South Yorkshire-based titanium castings foundry has secured new private equity investment.
Established over 100 years ago, Castings Technology has turned its fortunes around since a management buy-out completed in 2021, which saw Richard Cook, MD, and Kevin Parkin, chairman, take the reins.
As the UK’s only commercial titanium facility in the UK, demand for components has sky-rocketed. The company produces specialised investment castings from a range of alloys for some of the world’s most demanding advanced manufacturing companies.
Currently sharing facilities with the University of Sheffield’s AMRC, on the Advanced Manufacturing Park in Rotherham, the company’s order book has outgrown its existing facilities, requiring a move to its own, larger, dedicated site – with the business needing investment to do so. Kevin Parkin and Richard Cook led the investment and the existing Board all remain in position.
The £15m investment facility for new premises, equipment, and creating new jobs was funded by Zachary Asset Holdings, a family investment office.
Moving to a 195,000 sq ft production facility on Shepcote Lane in Sheffield, the new site, formerly a Whitbread Brewery bottling plant, is undergoing a multimillion-pound landlord-funded refurbishment.
Castle Square Corporate Finance, the Sheffield and Leeds based corporate finance boutique, advised the shareholders, having advised on the MBO four years ago. The team, led by Kevan Shaw, managing partner, assisted by Richard Weston, associate director, and Joe Potts, assistant manager, were engaged to seek an investment partner and ran a structured fundraising process, advised on the funding negotiations and project managed the transaction process to completion.
Kevan Shaw said: “We were delighted to be invited to manage this investment deal following our involvement with Castings Technology’s MBO in 2020/21. It is fantastic to see the progress since that time, with the company experiencing 225+% growth in sales, and over a 25% increase in staff.”
Wake Smith Solicitors’ Rebecca Robinson, director and head of corporate, provided legal advice to the management team. Mark Cooper of BHP advised on tax matters.
