Sertec Group Holdings Ltd, a Coleshill, UK-based independent manufacturer of stampings and welded assemblies, secured £20m in equity and debt funding.
Backers included Business Growth Fund (£10m in equity) and Lloyds Bank Commercial Banking (£10m in debt). As part of the investment, Mike Baunton has been appointed as Non Executive Chairman at Sertec. He brings industry experience through current roles as Chairman of SMMT Industry Forum Limited (The Society of Motor Manufacturers and Traders’ Industry Forum) and of VTL Group.
Led today by CEO Grant Adams, Managing Director Dave Steggles and Finance Director Martyn Hughes, Sertec produces over three million parts per week from aluminium and steel across its five operating sites in Birmingham.
The company, which serves Jaguar Land Rover (JLR) among others, has grown over the last eight years with sales rising from £40m in 2008 to close to £200m today. It has invested across all operating centres in new robotics, presses and site upgrades and will complete a brand new £16m press shop at its Coleshill factory in 2016.
The company will use the funds for continuing expansion plans, as well as to support JLR’s development of new vehicles.