Mercia invests in £3m round for ITL

IP Group also took part in the funding round, with the fresh funding enabling the business to undertake a recruitment drive in its commercial and operations teams.

Mercia held a first close for EV Growth II with initial commitments totalling £45.1m in December 2017.

Previous funding
Mercia first invested in ITL in July 2015 when it provided £1.5m of funding as part of a £4m round alongside Imperial Innovations.

The firm then invested £1.5m in ITL as part of a £3m round alongside IP Group in June 2017. Following the transaction, Mercia held a 26.4% stake in the company.

Company
Founded in 2012, Coventry-headquartered ITL produces aluminium structures used in the automotive, aerospace, railway and industrial sectors. The business has developed a patented production method called hot form quench that stamps complex-shaped aluminium components from high-strength and ultra-high-strength alloys. It supplies 25,000 components per year to clients including Aston Martin and Lotus Cars, according to a statement.

People
Mercia Technologies – Mark Payton (CEO).
Impression Technologies – Jonathan Watkins (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• Venture