Acquisitions on the cards after US firm buys Goodfellow

Battery Ventures, a global, technology-focused investment firm anchored in Boston US, has acquired Goodfellow Cambridge Ltd – a specialist supplier of high-quality materials for research & development, prototyping and specialised manufacturing. No figures are being disclosed.

Headquartered in Huntingdon, Goodfellow has subsidiaries in China, France, Germany and the US serving a global customer base. 

Customers include advanced manufacturers, government research facilities, laboratories and top universities worldwide.

The broad R & D market is poised for growth as the proportion of the global population that works in engineering and research increases, driving additional activity and spend. 

Also, as scrutiny of materials in the global supply chain increases, businesses and laboratories recognise the importance of turning to a trusted partner that can guarantee purity and the exact characteristics of the materials used across researchers’ workflows.

Goodfellow’s extensive product catalogue includes more than 70,000 products, consisting of over 700 different materials in multiple forms, including alloys, ceramics, composites, compounds, glass, metals and polymers. 

The company also provides custom-made services for clients. By employing highly sophisticated scientists and engineers, with extensive technical knowledge of materials and their processing requirements, Goodfellow collaborates with its customers to recommend suitable materials and products to meet the requirements of their specific applications.

Battery Ventures general partner Jesse Feldman said: “Goodfellow has built a strong reputation for first-class customer service in an industry where quality, reliability and expertise is critical. 

“We look forward to continuing this heritage and further serving Goodfellow clients worldwide by growing the company’s international business and broadening its product range, including through targeted M & A, as well as improving customers’ digital-procurement experience – allowing them to more easily buy more materials online.”

Goodfellow sales director Simon Kenney will succeed Stephen Aldersley as CEO. Aldersley will continue to support Goodfellow as a consultant to help the business transition the new ownership. 

Battery Ventures executive-in-residence Tom Reslewic will join as executive chairman to help the Goodfellow management team grow the business and oversee potential future acquisitions.

Kenney said: “Our goal has always been to be a trusted supplier of the most comprehensive range of materials for research, development and specialised manufacturing to ensure that our customers can have whatever they want, whenever they need it, wherever they are. 

“Battery Ventures, a well-capitalised, global investment firm, will bring additional resources and a deep expertise in the industrial-technology market to help us accelerate growth in the next phase of Goodfellow’s journey.”

Battery is continuing to expand its investment activity in the industrial-technology markets and has completed more than 60 industrial-related transactions across the US and Europe since 2003. 

KPMG was a key adviser in the deal. Chris Wilson, head of Corporate Finance for KPMG in the East of England, said: “Goodfellow is an exceptional business which has really established itself as a clear market leader in a niche space. 

“As a key player in the regional, national and global R & D landscape, Goodfellow is a highly respected and reputable brand. This is coupled with an unparalleled product offering which is synonymous with high quality and reliability.

“This transaction generated significant global interest which is ultimately a testament to the quality of the business which the shareholders and management have built over the years.”

Shoosmiths provided legal advice, PwC financial due diligence and CIL Management Consultants commercial due diligence