Gloucester-based Advanced Insulation Systems (AIS) has acquired Manuplas, a specialist in providing customer polymer solutions to the marine, offshore, renewable energy and leisure markets.
AIS manufactures specialist materials used to insulate sub-sea infrastructure and fire proof oil rigs. Formed following a management buyout in 2008, AIS has since grown its turnover from £3 million to £20 million as at the end of 2013.
The £850,000 funding for the acquisition was provided by Santander Corporate & Commercial, with Baker Tilly providing corporate finance advice and due diligence on the acquisition.
AIS is continuing to experience strong growth and is listed on all top “fast-growth” indices including The Times 2013 Profit Tracker. The business was also winner of the Queens Award for Enterprise (2012) and Innovation (2013).
AIS employs 40 people at its Quedgeley West Business Park site. The acquisition of Manuplas will add a further 50 members of staff to the business, lead to major new employment opportunities, and provide the capability to use existing materials with a new manufacturing process, enhancing AIS’s work in subsea buoyancy materials coating undersea pipelines.
Andrew Bennion, Managing Director, AIS, said: “We have seen exponential growth at AIS in the last six years and are now looking to really branch out and reach new marketplaces. The acquisition of Manuplas will allow us to do that. They operate in a niche market and have been extremely successful in providing customers with high quality polymer solutions. We are confident that this is the start of an excellent relationship and look forward to working together.”
Manuplas specializes in providing custom polymer solutions to the marine, offshore, renewable energy, composites and leisure markets, including processing polyurethanes.
Manuplas was founded in 2003 with specialist knowledge in processing of polyurethane elastomers. Originally a marine business, it has expanded into mass casting, CNC machining, and mould production.
Research and development has also enabled Manuplas to produce market leading solutions for the demanding offshore industry, where lightweight buoyancy materials for use in depths in excess of 3000m are required.