The Sheffield-headquartered aerospace and industrial forgers required the finance to support a number of investment initiatives.

The company forges rings and bars from materials such as nickel alloy, titanium, stainless steel and carbon alloys.

Its products are used for various purposes, including aircraft aerostructures and engines, industrial gas turbines, offshore oil rigs, civil nuclear reactors, formula one motor racing and space satellites.

Barry Jackson, investor at BGF, said: “IFA is a well-invested business with strong leadership, a skilled workforce and a clear strategy for growth.

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“Having developed deep relationships with OEMs [original equipment manufacturers] and tier-one suppliers, the business has an opportunity to continue to build scale, capabilities and capacity, and we are pleased to be supporting their plans to do so.”

IFA exports to more than 15 countries across Europe, Asia and North America.

It generated sales of more than £20m in its current financial year and employs over 150 people.

Andy McGuinness, CEO at IFA, was part of the team that acquired the business in 2001 from Doncasters Group.

He added: “Forging has a long history in Sheffield, but rather than being in decline, the uses and applications of our open-die products continue to grow.

“The market offers attractive opportunities and, because of our focus on quality and innovation, we are well placed to capitalise on these opportunities.”