VTL Group, a Huddersfield, UK-based manufacturer of precision engineered components for the automotive industry, received a £4m equity investment from Business Growth Fund.
BGF, which has taken a minority stake and a seat on VTL’s existing board, will help VTL to grow the business organically by developing new customers in the automotive sector and increasing the range of components it manufactures for existing customers, as well as pursue acquisitions.
Formed in 2001, VTL is a developer and manufacturer of precision engineered transmission and turbo components for the commercial vehicle and passenger car markets. It supplies these components to major automotive manufacturers including Cummins, Toyota, Renault and Nissan and also provides a variety of additional services including product R&D and prototyping.
The company employs over 400 people in Huddersfield, where it also has four manufacturing facilities and an R&D centre. In addition, it operates a manufacturing facility in Charleston, USA, a manufacturing facility in Dharwad, India and a sales and has technical presence in Yokohama, Japan.
VTL serves customers across Europe, North America, India and Asia generating annual revenues in excess of £50m.
Alongside its The investment, BGF has contributed additional support through the introduction of Michael Baunton as Non-Executive Chairman. The company is led by Bruno Jouan, CEO.
FinSMEs
26/09/2013