Following an investment from BGF – formerly the Business Growth Fund – last year, Moulded Foams, which has existing manufacturing sites in Cumbernauld and Peterhead as well as Lincolnshire and South Wales, has acquired Stornoway-based Polybox on undisclosed terms.
The firm has already embarked on an overhaul at the Western Isles factory, investing in new machinery to support increased demand for fish farming in the Outer Hebrides.
Moulded Foams produces a range of products which protect food, goods and insulate buildings. The foams help preserve energy and protect the longevity of goods for both export and domestic markets.
Chief executive John Thornberry said: “We look forward to working with the management team led by John McPhail and Craig Gillespie of our Cumbernauld site to oversee the investment throughout 2020, 2021 and beyond.
“So far, we’ve expanded our operations through a mixture of organic growth and targeted acquisitions. Having factories close to our customers is key to our strategy and we will look to make further acquisitions as we expand our geographical footprint across the UK.”
BGF was set up in 2011 and has since invested more than £2 billion in some 300 companies. It invests in growing businesses in the UK and Ireland through its network of 14 offices.
In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2019, Australia did the same, both based on BGF’s funding model.