This investment from FDC will see Petford Tools in Peartree Lane create 11 new jobs, safeguard 20 existing roles, and welcome a series of apprentices into the business.

Founded in 1947 and based in Lubbock, TX, IMC molds precision components for global customers in a variety of end markets. The long-tenured management team will continue in their current roles, said the news release.

The firm has recently secured a major contract with a leading manufacturer, providing products and services to an iconic automotive manufacturer. The investment provided by FDC’s National Tooling Loan Fund will be used to help Petford Tools deliver 41 injection mould tools.

Private equity firm Blackford Capital has acquired Industrial Molding Corp. (IMC), the first add-on acquisition for its portfolio company, Davalor Mold Co. IMC is an independently run subsidiary of NN Inc., a precision metal manufacturer based in Charlotte, NC, with a global footprint. NN Inc. said total net cash proceeds would reach approximately $16 million. IMC is NN’s sole plastics processing plant and, as such, was targeted for divestment because it was not core to its strategic direction.

Headquartered in Chesterfield, MI, Davalor provides injection molding services primarily for the automotive industry. It was acquired by Blackford Capital in 2016, and the addition of IMC to the portfolio “marks an initial stride toward establishing a global, full-service plastics injection molding business with a range of capabilities and a diversified, global customer base,” said Blackford Capital.

Echoing those comments, Blackford Capital founder and managing director Martin Stein noted that IMC’s seasoned leadership team and deep expertise in the plastics injection molding industry will be a “capability multiplier for our customers.” The acquisition, he added, builds a “solid foundation for accelerated and sustained growth within the Davalor platform, paving the way for continued expansion and innovation.”

FDCs National Tooling Loan Fund is designed to support manufacturing businesses working in England, with available finance of between £50,000 and £2m, to help develop and manufacture tooling for their new and confirmed projects.

“We are excited to welcome the IMC team to Davalor. We are committed to providing our customers with the most advanced, most reliable injection molded plastic products available," said Davalor CEO John Boeschenstein. "As we seek to expand our capabilities beyond our core plastic injection molding offering, we are thrilled to have found a strategic partner with a great management team, a professional and highly capable staff, and a strong, design-for-manufacturing approach to injection molded plastics. I look forward to working together to expand our capabilities on a national scale."

Dudley-headquartered toolmaker and plastic injection moulder, Petford Tools has secured a £1.5 million investment from Frontier Development Capital that will mean new jobs.

Petford Tools has been provided with investment from FDC previously, as they received a £3.5m investment from the Advanced Manufacturing Supply Chain Initiative (AMSCI) in 2013.

The Informa Markets Engineering network of B2B media sites includes Design News, Battery Technology, Medical Device & Diagnostic Industry (MD+DI), Packaging Digest, PlasticsToday, and Powder & Bulk Solids.

Marie Kelly, investment manager at Frontier Development Capital, said: “Following the investment provided in 2013, Petford Tools has continued to thrive, winning more major briefs and working with global brands. FDC’s National Tooling Loan fund aims to help support toolmakers and component manufacturers with the funding needed to complete new and confirmed projects. We are happy to provide Petford Tools with the funding needed to help support them with their newest project, supporting the growth of the company, as well as open further opportunities for Petford Tools in the future with new and existing clients.”

Adrian Lloyd, managing director of Petford, said: “Since our launch in 1971, Petford Tools has grown to become one of the country’s leading mould tool makers and plastic injection moulders. We are at the heart of the UK and global automotive and manufacturing supply chain, with a track record and roster of clients to prove it. This investment from FDC will support us with the manufacture of injection mould tools to support our recently secured contract with Polytec Group. This contract will see us seize more opportunities and build on our history and recent successes.”

Established in 1971, Petford specialises in the design and manufacture of injection mould tools for the automotive, aerospace, rail, and household sectors. They predominantly support original equipment manufacturers and tier-one automotive manufacturers across the globe, serving household names including Jaguar Land Rover, Bentley and JCB.

Blaige & Co. served as the exclusive financial advisor to NN Inc. on the transaction. Greenberg Traurig LLP served as counsel for Blackford Capital, with legal entity support from Varnum LLP. Parliament Capital Management provided lending for the acquisition, with legal support from DLA Piper. Plante Moran advised on financial and tax diligence, and Signature Associates CRE brokered the Sale Leaseback transaction with STORE Capital.

Founded in 2010, Blackford Capital focuses on the acquisition and management of founder- and family-owned lower middle-market companies in the manufacturing, industrial, and distribution sectors. The company is based in Grand Rapids, MI.