Cheltenham based Future Advanced Manufacture sold to Carmichael Capital

Craig Peterson, founder of Future Advanced
Future Advanced Craig Petersen

Cheltenham headquartered Future Advanced Manufacture has been sold to Carmichael Holdings.

Carmichael Holdings was formed as the acquisition vehicle for this buyout. The transaction was supported by fresh equity being committed by Carmichael, as well as a funding package provided by Arbuthnot Latham.

Ashok D’Sa, founder of Carmichael Capital, will partner with Future’s former owner, Craig Peterson, to continue growing the business under new ownership.

Future Advanced Manufacture helps the world’s best engineers and designers turn their ideas, concepts and designs into highly engineered prototypes and high-quality, scalable production. Technically challenging, high-integrity, high-tolerance, utilising exotic materials are the projects that Future Advanced Manufacture is built for.

Carmichael Capital was formed to invest in niche, IP rich engineering and technology businesses with international growth potential, with enterprise values of £3m – £30m, that would benefit from a change of ownership. Key end markets are Aerospace, Defence, Industrials and Business Services. The founders of Carmichael Capital possess strategic and operational skills from long running careers in the space. Investment capital is sourced from high net worth individuals, family offices and overseas investors. Carmichael Capital is a long term, global investor.

Carmichael Holdings was advised by SRC Corporate Finance (Rupert Rawcliffe & Ella Young), Gunnercooke and Azets.

Rupert Rawcliffe, Founder of SRC Corporate Finance, said:“The team and I at SRC CF are delighted to have assisted Ashok and Carmichael Capital with their buyout of Future Advanced Manufacture. Ashok diligently assessed a number of potential targets, and has truly identified an outstanding business in Future Advanced Manufacture, where he can continue to drive innovation and growth over the coming years. The fact that Carmichael Capital was ultimately selected as the winning bidder, despite strong trade interest, is a testament to the expertise that Ashok will bring to the table. I can’t wait to see how the business develops and wish our client every success moving forward.”
Ashok D’Sa, Managing Director of Carmichael Capital, added “The SRC team were outstanding on the transaction in terms of their capability and service level. Rupert Rawcliffe is an astute negotiator and was instrumental in getting this over the line. All of this at a time when he was going through very difficult personal circumstances.”