FL Partners buys Tomsburg Group

VENTURE CAPITAL player FL Partners has bought the Cavan-based power tool manufacturer, Tomsburg Group, for an undisclosed sum.

Tomsburg is headquartered in Killygarry, Co Cavan, and employs 119 people in facilities in Glasgow and Northampton.

According to accounts filed with the Companies' Registration Office, in 2006 it had a turnover of €16.4 million and profit before tax of €1.8 million.

FL Partners said yesterday that 90 per cent of the group's output was sold outside Ireland.

The deal's main beneficiaries will be shareholders and directors, Paul Agnew, Laurence Grainger of Glasgow and William Stuart Wilson, who lives in Dubai.

Tomsburg is a leading manufacturer of precision cutting tools known as carbide burrs.

FL has appointed Peter Cosgrove, formerly of De La Rue Group and a one-time senior executive in Smurfit USA as chief executive.

Tomsburg's existing management, including director Paul Agnew, will continue in their current roles.

According to Mr Cosgrove, the world market for precision cutting tools is worth $14 billion.

FL Partners is the brainchild of its principals, Kevin Crowley and Neill Hughes. It owns horse-racing publication the Racing Post and bedding foam manufacturer Kaymed.