M AND A
Goodfish was set up in Sep-10 as a vehicle to acquire an underperforming injection moulding and toolmaking business in Cannock – Hi-Spec Precision Engineers Ltd. This business had lost its way and needed investment and leadership. We delivered both, with a root & branch turnaround that was needed to reform its old ways, introduce quality management systems and take customers seriously.
In 2011, we agreed to take on board the mouldshop of one of our customers. Their mouldshop had become non-core and needed investment to bring it up to today’s levels of efficiency. Plus they needed the space in their factory for their core activities which were expanding fast. We agreed to take on their mouldshop employees, bought some ancillary equipment from them (we didn’t need any more moulding presses!) and continued to supply them with mouldings, OTIF. They’re still a customer of ours five years later.
Since then, we’ve acquired an injection moulding business (nearly) each year:
- 2012 – we acquired the trade and certain assets of Hytec Mouldings (Burntwood, Staffordshire) – a distressed sale by the owners
- 2013 – we acquired some of the trade and assets of Holloid Plastics (Basingstoke, Hampshire) – acquired via the administrators
- 2015 – Goodfish acquired Powell & Harber (Precision Engineers) Ltd (Worcester, Worcestershire) – a planned retirement sale through a formal process completed in Jan-15.
The needs and desires of vendors have all been different, of course, so we structure deals on a ‘horses-for-courses’ basis. Nothing rigid, but solid nevertheless. The common thread for all these business owners is that they want their customers (& employees) to feel they are moving to a better home: we think we can offer that with our quality, delivery, service and price competitiveness, of course.
Hytec and Holloid were moved into our Cannock site. Powell & Harber remains a site on its own, giving us two moulding operations and two toolrooms.
We’re alway looking for businesses that have expertise or capacity that we can add to our own, growing business. We’ll consider vacuum-forming businesses as much as injection-moulding businesses, especially if they have a product angle. A third site is very much an option we’re looking at now, as we reach towards our target of 20%+ CAGR.
So, if you’d like to explore this idea, please feel free to get in touch with our MD, Greg McDonald, on a completely confidential basis, either by phone or via e-mail.
After all, one plus one can equal more than two.