Advanced material solutions supplier Permali Gloucester Limited has revealed its conditional sale to Diamorph, subject to regulatory approval.

Permali is a designer and manufacturer of composite and thermoplastic polyurethane (TPU) material solutions, employing 90 workers at its Bristol Road site in Gloucester.

The business serves global manufacturers and Government organisations across a wide range of sectors including defence, aerospace, Formula One, medical and rail, supplying bespoke and highly technical products for often mission critical applications.

Manchester-based Diamorph provides material solutions under a range of brands for highly demanding environments and is backed by Epiris, an independent private equity firm. It said the addition of Permali's strong positions in defence, medical and F1 to the Diamorph Wear Components Business Unit, with the two businesses adjacent technology bases, will strengthen the group and create a significant UK player in laminate-based composite materials.

Diamorph said it plans to use Permali's 10,500 sq metre Gloucester base as a centre of excellence for developing and growing its enlarged composites offering.

Chief Executive, Gordon MacLeman said: "This acquisition allows Diamorph to broaden its composites competency and enter new markets. Permali has a long history of developing bespoke composite solutions for critical Defence applications since the 1930's."

Founded in 1937, some of Permali's most famous projects include developing propeller blades for the Spitfire and Hurricane aircraft during WW2, developing Permaglass Cargo Liners installed on the Concorde and the production and supply of composite laminate CNC machined planks to F1 motorsport teams.

In 1981, Permali also won the largest ever single fan blade contract to produce 95 wind turbine blades for NASA's Ames Research Centre in California - the largest wind tunnel in the world.

Current managing director Gus King, with support from private equity firm 3i Group, led the 1988 buy-out of Permali.

Philip Barker, head of industrials at Oaklins Smith & Williamson, led the transaction supported by Brian Livingston and Joseph Sherry, with further support from Oaklins' aerospace and defence experts Stephen Perry and Jason Kimball.

Mr King said: "As a shareholder group, we found the advice and support that the Oaklins team provided crucial in achieving a successful transaction. Their strong track record in both the aerospace and defence and industrials sectors and ability to anticipate and overcome a wide range of challenges during the sale process were important factors in delivering a positive outcome for the shareholders."

Philip Barker added: "We are delighted to have supported Permali. This transaction highlights our deep sector knowledge and technical skills to resolve difficult issues."

Punchline understands the 90 jobs at the Gloucester site will be safe following the acquisition.

Diamorph is anticipating completion of the Permali acquisition within the coming months.