Management team in buyout of Independent Forgings & Alloys

The management team at Independent Forgings & Alloys of Andy McGuinness, Craig Syson and Gareth Davies have acquired a majority stake in the business for a substantial undisclosed sum.

Sheffield-based IFA was originally formed in March 2001 by Martin Burnham and Mr McGuinness following the management buy-in of the open die forging division of Doncasters.

The company has become a leading supplier of forged products to blue-chip, multinational customers in the aerospace, oil and gas and power generation markets. IFA has an annual turnover or more than £17m and employs around 120 people.

The deal sees the management team increase its existing equity stake, with YFM Equity Partners disposing of its minority stake and Mr Burnham substantially reducing his shareholding while continuing in his role as chairman.

David Forrest, supported by John Longstaff and Kevin Davies, from BHP Corporate Finance acted as lead advisers to the management team. Neil Thompson, supported by Tim Littler and Mike Hall, from the Sheffield office of law firm Hill Dickinson provided legal advice.

Senior debt and working capital facilities to support the transaction were provided by Matthew Chenery of Barclays Corporate.