Venture capital investor BGF, formerly known as the Business Growth Fund, has invested in Moulded Foams, which makes moulded foam products.
Moulded Foams produces a range of 98% air products which protect food and goods and insulate buildings. The foams it supplies have properties including temperature resistance, shock absorption, acoustics and light weight load bearing which help preserve energy and protect the longevity of goods.
The company operates from bases at Cumbernauld near Glasgow, Peterhead in Aberdeenshire, Blackwood in South Wales, and Scunthorpe in Lincolnshire.
Managing director John Thornberry led a management buyout of the original Cumbernauld business in 2006 when turnover was £2 million. Since then turnover has risen to £20 million in 2018.
John Thornberry, Managing Director of Moulded Foams, said: “So far, we’ve expanded our operations through a mixture of organic growth and targeted acquisitions. With BGF’s investment and broad network, we hope to continue Moulded Foams growth trajectory.”
Paddy Graham, Head of Central Scotland and Northern Ireland for BGF, added: “Moulded Foams has grown extremely well over the last ten years, with a clear focus on innovation and sustainability. The team’s understanding of the market and commitment to driving the business is second to none, and we look forward to supporting the business in its next phase of growth.”
Euan Baxter, an investor at BGF in Edinburgh, will join the board of Moulded Foams as part of the funding deal.