Paralloy & FVC
Setting ambitions free
Paralloy & FVC are global leaders in the production of high integrity, high precision centrifugally cast alloys, which are used in the world’s most challenging industries. As an example, Paralloy produces specialist components in high steel alloy materials, for use in high temperature & corrosive furnace applications in the heart of major petrochemical plants. FVC manufactures mission critical components for the aerospace and industrial gas turbine markets (e.g. engine casings). The company operates from two sites – Billingham in Teesside (Paralloy) and Sheffield in South Yorkshire (FVC) – and employs 250 FTE.
The company is a former division of The Doncasters Group. Paralloy & FVC were no longer considered to be a core activity, which led to the decision to sell these businesses as part of strategic disposal program. The management team of the division, industry veterans headed by Robert McGowan, was keen to explore the possibilities of a management buy-out and held talks with several parties who could help close the deal. Nimbus was one of them.
Nimbus’ industrial heritage was a definite plus for the management team. In addition, Nimbus brings pan-European coverage to the table, which was highly interesting for the company as some 80-90 per cent of sales are exported outside the United Kingdom. As a result, the deal was swiftly closed at the end of 2019 and announced at the beginning of 2020: Nimbus is now the majority shareholder of Paralloy & FVC.
Range of opportunities
As the strong and experienced management team remained on board, no immediate changes were necessary in the short term. The carve-out from The Doncasters Group gave Paralloy & FVC the freedom to make their own ambitious plans for the future, focusing on innovation and expanding their market. Nimbus is well-equipped to support the company with its future strategic initiatives.
One of the key aspects of Paralloy & FVC’s strategy for the near future is to strengthen its profile as a British manufacturing company. In view of Brexit, many UK-based companies are looking to firmly base their supply chain in the country. This opens opportunities for Paralloy & FVC. The company recently acquired a specialized machining company to complement its capabilities and product portfolio.
With plans for more growth, expanding its portfolio, capabilities and market reach, Paralloy & FVC’s outlook is bright.