BGF has sold its stake in Sheffield-based Independent Forgings and Alloys (IFA) to US private equity firm Trive Capital, marking the end of a successful seven-year partnership.

Founded in 1587, IFA is one of the UK’s oldest manufacturers and a key supplier of open-die and precision closed-die forgings for critical industries, including aerospace, defence, oil and gas, and power generation. BGF initially backed the company in 2018, supporting its expansion and acquisition of Doncasters Precision Forge. Since then, IFA has more than doubled its annual revenues and expanded its production footprint.

Trive Capital, which has significant experience in aerospace and defence, has acquired a majority stake in IFA. The existing senior management team has re-invested as part of the transaction and will continue leading the business through its next phase of growth.

CEO and Founder Andy McGuinness praised BGF’s patient capital approach, which helped IFA navigate the evolving aerospace supply chain and execute its ambitious growth strategy. He noted that Trive’s investment signals further expansion opportunities for the company.

Rob Johnson, an investor at BGF, highlighted IFA as a “Made in Sheffield” success story with a strong history and promising future. He expressed confidence in the company’s continued success under its new ownership.