A company which made parts for the famous RISE sculpture in Belfast has won new funding including a £0.5m loan from the Investment Fund for Northern Ireland.
Profast Group in Belfast hopes to come the island’s biggest distributor of fasteners, fixings and mechanical support systems after agreeing the funding through British Business Bank’s £70m fund.
And as a result of the deal, senior employees Stephen Clarke, Jonathan Aiken and Craig Milne have acquired the group from existing shareholders. They now have control of the group’s trading subsidiaries Profast (NI), Profast and Fortus Hardware.
Fasteners and fixings from Profast, which also has a base in Dublin, have been used in Belfast projects including the RISE sculpture on the Broadway roundabout and Translink’s new Grand Central Station.
The funding from the Investment Fund for Northern Ireland was facilitated by fund manager Whiterock and will be used to provide working capital and accelerate the growth of the business.
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Mr Clarke, the chief executive of the group, said: “The journey with Whiterock has been an exceptional experience. From day one, they have demonstrated a clear understanding of our goals and have been direct and transparent throughout the process.
“When I joined Profast Group seven years ago, I always had the ambition to lead the business into the future but was unsure of the options available to support such aspirations.
“This funding has provided us with the means to realise our vision today and support our vision over many years to come. I would encourage anyone with similar ambitions to explore the opportunities that Whiterock and the Investment Fund for Northern Ireland can offer.”
Rhona Barbour, Whiterock investment director, said: “Whiterock is delighted to work with the Profast Group to support the continued growth of this long established, successful business…
“This deal perfectly showcases the intended focus of the Investment Fund for Northern Ireland, providing complementary funding alongside the senior bank to assist local businesses in realising their growth plans across a range of sectors.”
Mark Sterritt, British Business Bank director, nations and regions investment funds, added: “The Profast Group has already earned a reputation for delivering a range of fasteners and fixings for the manufacturing, steel fabrication, construction and complimentary industries.
“We are delighted to see the new management team’s belief that there is a real opportunity for further growth in this business and we are delighted to be able to support through the Investment Fund for Northern Ireland with the finance to help them realise this ambition.”
The £70m Investment Fund offers debt finance and equity investment to support businesses from all sectors.
Whiterock manages the debt fund, offering loans of £25,000 up to £2mn while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5m.