Cyrus acquires specialist aviation and defence surface coatings firm Ramp Surface Coatings
Cyrus Investment Management LLP (“CIM”), the specialist engineering turnaround EIS investment adviser, is pleased to announce the acquisition of Ramp Surface Coatings Ltd (“Ramp”), a specialised surface coatings operation based in Yeovil.
Cyrus’s first EIS Fund, Cyrus Precision Engineering EIS Fund 1, is now fully invested in four portfolio companies across the Aerospace, Defence and Security sectors after closing in April 2015.
100% of Ramp’s labour force has been retained and CIM will expand the business’s loyal customer base through the injection of new capital, products, and senior management.
Ian Watkins, Chief Investment Officer of Cyrus Investment Management, comments; ”We are absolutely delighted to pick up this high quality company and believe it will fit perfectly within the Cyrus group. Customers are already increasing their orders with Cyrus companies because they know we now have in-house coating and treatment capabilities meaning faster turn around times and tighter supply chain control.”
Ramp Surface Coatings Ltd has acquired the paint and metal treatments arm of Ramp Industries Ltd, an established manufacturer of Ground Support Equipment for the aviation and defence industries.
Ramp is an approved supplier to many well known companies in the industry such as Boeing, AgustaWestland (now Finmeccanica), Honeywell, Thales as well as the Ministry of Defence. The business holds both AS9100 and Nadcap accreditations and recently established a metal treatments facility which provides Anodising and Alocroming treatments to its customers and their supply chains.
Ramp Industries Ltd was formed in 1990 and acquired in 2004 by a team led by the current Managing Director Mervyn Ham. The coatings division was started 16 years ago by Derek Smith, who now joins Ramp Surface Coatings Ltd as Operations Director.
Ramp Surface Coatings Ltd is a strategic bolt-on deal that will enable the companies in the rest of the Cyrus Group to send high value components to be treated or coated locally in Yeovil, cutting down on turn around times and keeping sales within the group.