The management team has been backed by Dunedin Capital Partners, the private equity company, which has provided £21m of funding.
A further £27.5m, in the form of debt finance, was provided by Barclays and Kaupthing Singer and Friedlander Ltd.
WFEL, based in Stockport in Greater Manchester, manufacture mobile tactical bridges used by the military, its main clients are the US and UK defence departments.
Also, the company is the sole supplier of specialist steel rods used by the UK’s 14 gas cooled nuclear reactors.
It has 160 staff and is led managing director Ian Wilson and finance director Cliff Richards.
Wilson said: “Dunedin’s backing will allow us to strengthen the existing core business, enabling the potential for further growth whilst maintaining the strong relationships and product base which made WFEL what it is today.”
As a result of the deal Dougal Bennett, who jointly-led the Dunedin team, will join the company’s board.
He said: “We are delighted to back WFEL in what represents the first investment for the recently raised £250m Dunedin Buyout Fund II.”
His co-leader Duncan Macrae, added: “We have been tracking WFEL for some time and have forged a very close relationship with the management team.
“Through integrating design, specification, manufacture and assembly of each critical component into a single site operation they have been able to ensure control over WFEL’s processes and therefore over its quality of output which is outstanding.
“We are buying a strong core business with a number of exciting growth opportunities.”
© Crimson Business Ltd. 2006
