A car component manufacturer and supplier has secured £4 million in new funding.
Coleshill-based Sertec has agreed the finance deal with BGF, five years after the investor supported the firm alongside Lloyds Bank with a £20 million package.
This latest round of funding will be used to support the European expansion plans of the company which counts names such as Jaguar Land Rover and Nissan among its clients.
It comes six months after Sertec hit the headlines following the launch of a consultation into more than 400 potential redundancies across its six sites in the West Midlands.
Sertec operates across eight factories, with plants in Hungary and Germany and a tooling technical centre in China alongside its operations in the region.
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Since BGF’s initial investment in 2016, the business has expanded its customer base, invested in new technologies and established a larger European footprint through acquisitions and new hires.
More recently, it has secured new contract wins in the electric vehicle and lightweight technology markets and completed a battery component assembly line in Coleshill.
Chief executive Grant Adams said: “We’re ambitious about continuing to grow the company and BGF’s additional investment allows us to build on the strong foundations we’ve put in place.
“We start 2021 with a strong balance sheet and exciting growth prospects in Europe underpinned by our recent hires (in Hungary).
“Our technology positions us at the forefront of the sector to take advantage of the huge potential presented by the growing EV market in the UK and Europe.”
BGF investor Tom Horton added: “BGF’s renewed commitment to Sertec is testament to the strength of the business’ leadership and ongoing investment in new technologies.
“In a very challenging year, the company has continued to secure significant, long-term contracts as it expands its customer base.
“We look forward to working with the team in its next chapter of growth.”
Law firms DLA Piper and Shoosmiths acted on the funding deal.