In February 2025, the shareholders of Independent Forgings and Alloys (“IFA”), a leading manufacturer of open and closed-die forged components for the aerospace, defense and broader industrial sectors, announced the sale of the business to Trive Capital (“Trive”), a Dallas, Texas based Private Equity firm.
Kroll Investment Banking served as exclusive sell-side advisor in connection with the transaction providing M&A and debt advisory services whilst Kroll Transaction Advisory provided financial and tax advisory services.
“We’ve had a great journey over the past seven years following our minority growth investment from BGF. Kroll Investment Banking advised us on the initial transaction and have supported us throughout this period and have ultimately ensured a successful outcome for all parties. We are excited as we embark on the next chapter of our growth in partnership with Trive.”
IFA Founder and CEO, Andy McGuinness
“IFA is a fantastic ‘made-in-Sheffield’ success story, with a rich history and an exciting future. We’re proud to have played our part in supporting Andy and the team over the past seven years and I would like to wish them every success with their new investment partner.”
BGF investor, Rob Johnson
“We are delighted to have advised both BGF and the management team on the successful exit of IFA, to Trive Capital a leading US based A&D Private Equity investor. BGF has a strong track record of successfully investing in management owned businesses and we look forward to seeing IFA continue to thrive under Trive’s ownership. This transaction further strengthens Kroll Investment Banking as a leading M&A advisor to the Aerospace, Defense and Government Services sector and underpins our deep expertise in executing cross-border transactions.”
Dafydd Evans, Managing Director at Kroll
About IFA
Operating from a 670,000 sq.ft. facility in Sheffield, IFA has a heritage stretching back to 1587. Now exporting to Europe, Asia and North America, management has created a fully integrated, single-site forging, machining and testing business, providing customers with mission critical components for applications within the aerospace, defense, oil & gas, power generation and industrial processing industries. The Company manufactures high-integrity open and closed-die forged components for OEMs and Tier-1 suppliers using materials such as titanium, nickel alloy, stainless steel and carbon alloys.
About BGF
BGF was set up in 2011 and has invested £4 billion in over 600 companies, making it the most active investor in the UK. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. BGF is a certified UK B Corporation (B Corp), reflecting its commitment to creating a positive impact across the growth economy.
About Trive Capital
Trive Capital is a Dallas, Texas based Private Equity firm with more than $7 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. Trive seeks to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.
The Trive team is comprised of seasoned investment professionals who have been involved in over 250 middle-market transactions representing in excess of $7 billion in revenue across Trive’s targeted industry sectors and situations.
