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Wales has a rich history in industrial production which has given way to a vibrant manufacturing base that endures today and contributes roughly one-fifth of the Welsh economy.

Confidence is high, too: the latest Make������Ƶ report cites Wales as having the largest increase in confidence across all nations and regions in the ������Ƶ.

Wales has built a reputation in manufacturing sub-sectors such as aerospace, automotive, and advanced materials, and this underpins substantial logistical and skills infrastructure. The Welsh Government’s proactive support for scale-up capital underpins a proactive, business-friendly environment featuring targeted incentives, business support services, and collaboration with local universities.

These elements create a strong foundation for companies looking to innovate and scale across manufacturing and beyond. In fact, research suggests that there are over 1,500 high-growth companies in Wales. In spite of all this, private investment is low, with the recent attesting to Wales’ paltry figures vis-à-vis other parts of the ������Ƶ.

This is unfortunate for ambitious Welsh business owners given the strong positive impact the right private backer can have. In a recent column Professor Dylan Jones-Evans’ right states that investment is not just about money, but is about scale, ambition, and growth, enabling businesses to move quickly, create high-value jobs, commercialise research, and compete globally. While the article focuses on venture capital, which typically supports early-stage businesses, profitable and established companies can also benefit from investment.

Well-established firms aiming to accelerate growth, pursue acquisitions, or expand internationally may find private equity a valuable partner in achieving those ambitions.

The right backer can provide flexible funding as well as guidance on these growth initiatives, as well as supporting with building out the right talent bench to steer the company on a period of accelerated growth, enhance digitally to create a foundation suitable for its ambitions, and more.

Nodor Group offers a current case study on the positive effects of private equity stewardship. Its investment which completed in early 2025 was a sizeable investment, helping to put Wales more firmly on investors’ radars.

Nodor is recognised as the largest and most advanced manufacturer of darts equipment in the world. The Bridgend-based company was founded in 1919 and since then has grown organically and through acquisition into a business with production in Kenya and a site in Dallas, Texas to bring the game global.

And by bringing Nodor to various continents, its Welsh roots get an international tour: Nodor’s key brands, Winmau and Red Dragon, are the names behind many of the world’s most talented professionals and advanced equipment.

The business has over 1,000 employees across three continents and exports to over 100 countries worldwide, with products sold via trade arrangements with major retailers as well as direct to the consumer. In 2024 Nodor was recognised for its global excellence with the King’s Award for Enterprise for International Trade.

Nodor’s leadership team today includes third-generation Bluck family, who had brought Ford engineering experience and a passion for expanding the game through accessibility.

The family partnered with Inflexion in late 2024 to accelerate growth, and the investment is supporting Nodor with geographic and channel expansion, product development, and boosting its technology to enhance the customer experience, including integrating smart boards and apps to engage a new generation of players.

The recent acquisition of Autodarts, a fast-growing technology business that automates scoring, serves as a proof point of the firm’s intention to continue to reshape the sport.

Vince Bluck, non -executive director of Nodor and part of the founding family, said: “Inflexion’s experience in developing businesses will help Nodor to bring the sport to even more people across the world,” said

Nodor’s impressive progress since the investment predates the acquisition: in the short time since Inflexion’s investment, the former hardware-only business has worked with Inflexion to develop a roadmap for autoscoring, including building an app and connected hardware device. A new website will boost user experience and help to optimise search engine optimisation and pay-per-click.

A fresh focus on data and new ERP system should boost data and sales, with a move to scaling D2C (direct-to-consumer and customer) lifetime value. These early workstreams are laying the foundations for Nodor’s future growth, and the leadership team has been built out to drive the plans forward.

The Inflexion investment also facilitated the retirement of Alex Bluck, who led product development and manufacturing, while his brother, Vince , and his wife, Fiona, have reinvested and remain involved in the business in non-exec roles, with their two sons also involved.

In September, Tom Brown was named new chief executive bringing over 25 years’ experience in leading businesses including SharkNinja where he helped drive international growth and was part of the executive team that took the company public on the New Year Stock Exchange.

Earlier this year, Winmau became the official equipment Supplier to Royal Air Force Darts Association (RAFDA), supporting players of all ranks across RAF stations with world-class boards, surrounds, and accessories. Over the coming year, Winmau and RAFDA will roll out world-class darts infrastructure across RAF stations — including top-tier boards, surrounds, and accessories — while also supporting club nights, grassroots programmes, national tournaments, and representative-level competition.

Nodor is not the only private equity success story in Wales, with builders merchants Huws Gray benefiting greatly from investment. The business, which started as a single site in Anglesey, received minority capital from Inflexion in 2018 and made over 16 acquisitions before its sale to global investor Blackstone Group in 2021.

These included the transformational acquisition of Ridgeons, an independent family-owned timber and builders merchants trading from 25 branches in East Anglia. This early acquisition significantly increased Huws Gray’s store base and broadened its national presence, making it the ������Ƶ’s largest independent builders merchants.

Huws Gray had already been growing steadily, but its then chief executive and now chair, Terry Owen, said private equity backing helped with larger acquisitions. He said: “Ridgeons represented a real milestone for the company. Had we remained independent, we’d not have bought this business.”

• Richard Wootten is an investment director at Inflexion, a leading mid-market private equity firm with €16bn under management investing in high growth, entrepreneurial businesses . Inflexion’s flexible approach allows it to back both majority and minority investments, investing £10m to £500m of equity in each deal.